Investor Relations (IR), 22nd July 2019

Qatar Fuel Co. Q.P.S.C “WOQOD”

Overview of Operation and First Half 2019 Financial Results

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Disclaimer

This release/announcement/report contains forward-looking and future-based prospective statements and/or informationconcerning the financial condition, results of operations, activities and businesses of Qatar Fuel (WOQOD). All statements/informationother than statements/information of historical fact are deemed to be forward-looking statements/information, being statements offuture expectations that are based on current expectations and assumptions and not guarantees of future performance. Such forward-looking statement/information, involve known and unknown risks and uncertainties that could cause actual results, operations andbusiness performance or events impacting the group to differ materially from those expressed or as may be inferred from thesestatements.

These and all subsequent written and oral forward-looking information incorporated in this release/announcement/report are basedon estimates and opinions on the dates they are made as shown in the cover page herein and are expressly qualified in their entirety bythis notice.

There are a number of factors that could affect the realization of these forward-looking and/or future-based perspective statementssuch as, without limitation: (a) product margins fluctuations, (b) changes in demand or market conditions for the group’s services, (c)loss of market share and industry competition in non-concession products and facilities, (d) environmental risks and natural disasters,(e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) politicalrisks (H) Regional instability, war, blockade, sabotage, civil commotion or any other element or circumstances outside WOQOD control.As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements containedherein.

Qatar Fuel (WOQOD), its affiliated and subsidiary companies, its Directors, officers, partners, employees, advisors, contractors andagents shall not be liable in any way for any costs, special, direct, indirect, consequential or incidental damage, losses or otherdetrimental effects whether in tort, contract or quasi contract etc., resulting or arising from the use of or reliance by any party on anyforward-looking, and future-based perspective statement and / or other material contained herein. Qatar Fuel (WOQOD), itssubsidiaries, joint ventures, affiliate and associated companies are further in no way obliged to update or publish revisions to anyforward-looking and/or future-based prospective statement/information or any other material contained herein should circumstancesor managements opinions change or which may or may not be known to have changed or to be inaccurate as a result of newinformation, future events or any reason whatsoever. Qatar Fuel (WOQOD) does not guarantee the accuracy of the historicalstatements contained herein.

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Contents

11• Company Overview

22• Operations Overview

33• Financial Results Overview

55• Appendix

66• Q & A

Vision

“To be the leading petroleum products and related services marketing company in the region”

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Overview of WOQOD Group

• Qatar Fuel Q.P.S.C ("WOQOD") was formed in 2002 by an Emiri Decree with an aim to provide refined fuel storage and distribution services in the State of Qatar. WOQOD is exclusively responsible for the distribution of fuel needs within Qatar

• The regulated products mainly includes Diesel, Gasoline and Jet A1. The company also trades in bunker fuels, ship-to-ship bunkering within Qatari waters, bitumen importation and distribution, LPG and branded lubricants

• Operations started with 2 Petrol Stations in 2003 and has grown to 85 petrol stations and 13 Vehicle Inspection Stations (Fahes) as of 30th June 2019

• The WOQOD Group comprises of Qatar Fuel (WOQOD) and five subsidiaries with complementary operations

Shareholding Subsidiaries

Qatar Fuel (WOQOD)

Qatar Petroleum

(20%)

Shafallah (1.5%)

Public

(58.5%)

Retirement & Pension Authority

(20%)

Qa

tar

Fu

el (

WO

QO

D)

QJet

(60%) (40% by QIMC)

FAHES

(100%)

Ard Al Khaleej

(100%)

WOQOD Marine

(100%)

Woqod International

(100%)

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Contents

11• Company Overview

22• Operations Overview

33• Financial Results Overview

55• Appendix

66• Q & A

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Key Operations of WOQOD Group - by Segments

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Petrol Stations Statistics

• Total of 32 petrol stations opened in 2018

• As of end of June 2019, WOQOD operates 85 petrol stations (66 fixed and 19 mobile)

• Expected to add another 29 petrol station during rest of 2019 which makes the total stations to 114 by end of 2019

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Fuel Sales Volume Trend Analysis

1H19 vs. 1H18

• Overall growth in Fuel Sales is 2%

• Jet A1 Fuel sales increased by 7% driven by higher offtake by the Airlines

• Diesel sales lower by 9% due to lower offtake by the bulk customers

• Super gasoline sales increased by 5% and Premium Gasoline sales remained flat driven by market demand

1.39 1.56 1.38 1.45 1.25

0.61 0.62 0.61 0.61 0.63

0.61 0.65 0.66 0.68 0.66

2.15 2.31 2.35

2.59 2.52

4.76 5.14 4.99

5.33 5.07

-

1.00

2.00

3.00

4.00

5.00

6.00

Jun 17 Dec 17 Jun 18 Dec 18 Jun 19

Fuel

Sal

es V

olum

e (B

illio

n Li

ters

)

Fuel Sales Volume Trend

Diesel Super Gasoline Premium Gasoline Jet Fuel - QJet

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Retail Fuel Sales Volume Comparison

1H19 vs. 1H18

• Retail Fuel sales increased by 29% during 1H19 as compared to 1H18 mainly

driven by opening of 27 new petrol stations

o Diesel Sales increased by 11%

o Super Gasoline Sales increased by 47% and

o Premium Gasoline sales increased by 29%

• Retail Fuel market share increased from 62% to 80% driven by opening of new

stations

Retail - Fuel Sales Unit 1H - 2019 1H - 2018Variance

F/(U) Variance

(%)

Diesel MM Litres 374.5 338.0 36.5 11%

Super Gasoline MM Litres 496.9 339.0 157.9 47%

Premium Gasoline MM Litres 507.6 394.0 113.6 29%

Total MM Liters 1,379.0 1,071.0 308.0 29%

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Sales Trend – Other Segments

Operations Unit 1H - 2019 1H - 2018Variance

F/(U) Variance (%)

Bitumen KMT 150.0 147.0 3.0 2%

LPG KMT 92.0 89.0 3.0 3%

Natural Gas & CNG KMMBTU 642.0 407.0 235.0 58%

Retail - Other Sales

Sidra QAR 'MM 101.0 90.0 11.0 12%

APC QAR 'MM 103.0 90.0 13.0 14%

Total QAR 'MM 204.0 180.0 24.0 13%

Heavy Fuel Oil KMT 427.0 263.0 164.0 62%

1H19 vs 1H18

• Bitumen and LPG sales increased by 2% and 3% respectively driven by the increased demand from commercial customers

• Natural Gas sales increased by 58% mainly driven by increase in demand from industrial customers

• Total Retail non-fuel revenue increased by 13% in 2019 driven by addition of new petrol stations

• HFO bunkering sales increased by 62% due to market demand

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2019 1st Half - Key Achievements

Petrol Stations in Operations85

27New Petrol

Stations Opened in

last 12 months

Fuel retail market share

80%

Achieved record

Fuel sales

5.1 Bn Liters

2%Fuel

volumes growth

Retail Fuel Sales

Growth29%

9%Growth

Net Income

QAR 548MM

EPSQAR 0.55

9%Growth

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Contents

11• Company Overview

22• Operations Overview

33• Financial Results Overview

55• Appendix

66• Q & A

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Revenue - Trend Analysis

1H19 vs 1H18

• Revenue is higher by 1.4% to QR 10.96 billion mainly driven by the following

factors

o Increase in retail fuel sales volume partly offset by decrease in fuel prices

o Increase in non-fuel revenue

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Net Income - Trend Analysis

1H19 vs 1H18

• Net Income and EPS higher by 9% to QR 548 million and QR 0.55 respectively, compared to

1H2018

• The increase in net income is attributable to the increase in revenue, cost optimization,

efficiency improvements and better return on cash and investments

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Net Income Analysis – YTD June 2019Net Income Attributable to WOQOD Shareholders

Net Income attributable to WOQOD shareholders for the same period increased by QAR 45MM (9% better)

• Net Operating Margin increased driven by increase in fuel sales and increase and other retail revenues

• G&A expenses lower as driven by the cost optimization initiatives

• Interest and Dividend higher driven by optimization of cash and investments

• Depreciation higher by opening of new Petrol Stations

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Total Assets and Equity – Trend Analysis

• Strong asset base

• Shareholders Equity increased by QAR 1.04 billion (up 15%)

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Contents

11• Company Overview

22• Operations Overview

33• Financial Results Overview

55• Appendix

66• Q & A

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QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of profit or loss for the six month period ended 30 June 2019 (All amounts are expressed in thousands of Qatari Riyals unless otherwise stated)

For the six months period ended 30 June

2019 2018

(Reviewed) (Reviewed)

Revenues 10,963,654 10,817,151

Cost of sales (10,385,468) (10,250,256)

Gross profit 578,186 566,895

Other income 199,312 192,408

General and administrative expenses (209,641) (221,607)

Net profit for the period 567,857 537,696

Attributable to:

Owners of the Company 548,275 503,217

Non-controlling interest 19,582 34,479

Net profit for the period 567,857 537,696

Basic earnings per share 0.55 0.51

(expressed in QR per share)

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QATAR FUEL COMPANY (WOQOD) Q.P.S.C. Condensed consolidated statement of financial position as at 30 June 2019

(All amounts are expressed in thousands of Qatari Riyals unless otherwise stated)

30 June2019

31 December2018

ASSETS (Reviewed) (Audited)Non-current assetsProperty, plant and equipment 2,896,593 2,661,163Investment properties 889,505 906,226Investment securities 1,517,919 1,485,015Goodwill 132,935 132,935Total non-current assets 5,436,952 5,185,339

Current assetsInventories 362,349 422,450Trade receivables 2,044,745 2,951,400Prepayments and other receivables 178,228 220,404Cash and bank balances 4,011,146 4,995,186Total current assets 6,596,468 8,589,440TOTAL ASSETS 12,033,420 13,774,779

EQUITY AND LIABILITIESEQUITYShare capital 994,256 994,256Legal reserve 498,915 497,791Fair value reserve 35,809 (7,485)Revaluation surplus 531,793 531,793Retained earnings 5,750,071 6,014,885Equity attributable to equity holders of the parent 7,810,844 8,031,240Non – controlling interests 184,091 247,383TOTAL EQUITY 7,994,935 8,278,623

LIABILITIESNon-current liabilitiesTrade and other payables 232,776 232,776Finance lease liability 100,849 25,441Employees’ end of service benefits 97,686 91,544Total non-current liabilities 431,311 349,761

Current liabilitiesFinance lease liability 18,225 6,325Trade and other payables 3,588,949 5,140,070Total current liabilities 3,607,174 5,146,395TOTAL LIABILITIES 4,038,485 5,496,156TOTAL EQUITY AND LIABILITIES 12,033,420 13,774,779

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Contents

11• Company Overview

22• Operations Overview

33• Financial Results Overview

55• Appendix

66• Q & A

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Thank You !