Hello, welcome to the Qatar Fuel Company 1Q 2023 conference call. I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Fabian to begin the conference. Fabian, over to you. Thank you, April. Good morning to you all. Thank you for joining us for WOQOD or Qatar Fuel Company's Q1 2023 conference call. My name is Fabian Makuere from QNB Financial Services. On today's call, we have three members of WOQOD management team. We have Pradeep Kumar, who is the Chief Financial Officer. We've got Sultan Jassim Al-Maadeed, who is the Finance Manager. We have Ahmad Al-Mansoori, who is IR Officer. As usual, they will go over the performance, and we'll have a Q&A session immediately after. I will now turn over the call to Ahmad to begin. Please go ahead, Ahmad. Thank you, Fabian. Good day to all the participants, and we hope everyone is keeping safe and healthy. We welcome you all to WOQOD quarter and March 2023 results conference call and appreciate your participation as WOQOD is committed to continuously enhance its investor relations initiatives. This is to strengthen our communication and improve transparency with all members of the global investment community. The presentation of this call will be available on the investor relations section of our website. Any statement that refers to expectations, projections, guidance, or any other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement based on the assumptions today. Actual results may differ materially from those expressed in these forward-looking statements. The company cannot disclose any commercially sensitive information due to the confidentiality agreement signed with suppliers. Please refer to slide number two for the full version of disclaimer statements. All figures expressed in this call are Qatari riyals, and the conversion for the same is Qatari riyal U.S. dollar to Qatari riyal 3.64. Now, I would like to hand over the call to our Finance Manager, Mr. Sultan Jassim Al-Maadeed, to provide a brief overview of WOQOD and update on the key operational activities. Thanks, Ahmed. The key vision of WOQOD is to be the leading petroleum product distribution and related service marketing company in the region. I am on slide four now, which shows the overview of WOQOD Group. WOQOD started operation in 2002 with exclusive rights for storage and distribution of petroleum products in the state of Qatar. Operations started with two petrol station in 2003 and grown to 128 stations by end of March 2023. The chart on the right shows WOQOD's station network. WOQOD also operates 13 FAHES center for inspection of vehicles. I am on slide five now, which shows the overview of WOQOD Group. WOQOD has invested significantly in CapEx over the years to meet its petrol station network targets. The total net book value of CapEx include investment properties and network growth has reached a value of QAR 4.3 billion. WOQOD has invested QAR 46 million in cash in CapEx in the period of first quarter 2023. I am on slide six now, which shows the key operation of WOQOD Group. Key operation of WOQOD Group are diesel and gasoline fuel distribution and sales, jet fuel distribution and sales, shore-to-ship and ship-to-ship bunkering, LPG distribution and sales, natural gas distribution and sales, fuel bunkering, bitumen operation, c-store and auto care activity, vehicle inspection services. Turning to slide eight now, which shows the diesel and gasoline fuel sales volume trends analysis. As mentioned before, the core activity of WOQOD is fuel distribution and sales in the state of Qatar. For quarter ending March 2023 versus 2022, the diesel and gasoline chart on the top shows the quarterly trend. The fuel sales were lower by 5% during the period of first quarter 2023 versus 2022, driven by market demand. The diesel were in quarter one 2023 versus the same quarter of 2022, driven by macroeconomic factors. Combined gasoline sales volume were up by 7% in first quarter 2023 versus 2022, driven by market demand. Average fuel price were stable for the period of first quarter 2023 versus the same quarter of 2022. Turning to slide nine, which shows the jet fuel sales volume comparison. Jet fuel sales were higher by 12% in first quarter 2023 compared to the same period last year, driven by ease of air travel restriction in many countries. Combined, sales volume of all petroleum products increased by 3% for the first quarter 2023 as compared to the same period of last year. Turning to Slide 10, which shows the retail fuel sales volume comparison for the first quarter 2023 as compared to the same period last year. Overall retail fuel volume increased by 1.4%, driven by increase in market demand. Turning to Slide 11, which shows the retail fuel sales volume trend. For the first quarter of 2023 versus first quarter of 2022, retail diesel sales increased by 16%, and retail gasoline sales increased by 8.6%. The shares of our own in the retail market reached about 86% in the first quarter of 2023. We would also like to share some additional information on other business segments for the same period which is first quarter 2023 versus the same of 2022. Natural gas sales decreased by 4% driven by market demand. Diesel bunkering sales increased by 23%, driven by market demand. Non-fuel retail segment sales increased by 18%, driven by various initiatives and network growth. Now I would like to hand over the call to our CFO, Mr. Pradeep Kumar, to discuss the key financial results. Thanks, Sultan. Hope everyone is safe and healthy. I would like to discuss the consolidated financial results of WOQOD for the first quarter of 2023. Starting with revenue, I'm on Slide 13 now, which shows the revenue trend of WOQOD. Revenue from fuel sales account for nearly 97% of the total revenue. WOQOD achieved total revenue of QAR 6.62 billion for the quarter ended March 2023, as compared to QAR 5.86 billion during the same period last year, showing an increase of 13%. The main reasons for increase in revenue are increase in sales price by 10% and volume by 3% in the first quarter of 2023 as compared to the same period in 2022. As compared to the fourth quarter of 2022, the revenue decreased by 10% during the first quarter of 2023, mainly driven by the decrease in sale price by 4% and volume declined by 7%. Turning to Slide 14, which shows the net income. WOQOD has made a net income of QAR 223 million for the quarter ended March 2023, as compared to QAR 263 million during the same period in 2022. A decrease of 15%, mainly driven by decrease in value of trading stock and lower other operating income. Partly offset by increase in margins driven by volume and increase in other income. The detailed analysis of net income variance is given in the next slide. Slide 15 shows the key variance analysis of net income for the quarter ended March 2023 as compared to the same period last year. The decrease in net income of QAR 40 million is due to following major factors. Growth margin increased in first quarter 2023 as compared to same period in 2022 as a result of increase in sales volume by 3%. Trading stock price variance is mainly driven by decrease in value of trading fuel stock due to fluctuation in prices during the 1st quarter as compared to the last quarter of 2022. Other operating income is lower, driven by lower bulk sales, driven by the prevailing market condition. Other income increase is mainly driven by higher interest income. WOQOD's fundamentals continue to remain robust, and WOQOD is committed to meet all its strategic goals by placing safety as a top priority. WOQOD has a strong leadership committed towards delivering results to the shareholders. With this, we are ready for the Q&A session. Thank you. At this time, I would like to remind everyone, in order to ask a question, please press star then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Our first question comes from the line of Faisal Azzabi from NBK Capital. Please go ahead. Yes. Thank you, gentlemen, for the presentation. A quick question from my end. Is it a fair assumption to assume that a similar trend would continue in the upcoming quarter? More or less, should we see some sort of the same level of decline in bottom line for the full year versus the prior year? If you can provide some sort of guidance on margins for the short term, that would be great. Thank you. On the first question relating to the sales trend, the first quarter was mainly driven by the B2B segment. It was lower, and we expect to recover from third quarter onwards, but that's our expectation subject to all the market conditions. On the margin, okay, it's a fixed margin. Margin will definitely continue with the volume. The trading price stock is purely depending on the prices of the fuel, which is regulated and decided by the state of Qatar. It's going to more or less in line with the sales volume. Thank you. Our next question comes from the line of Mo'men Adel of AFI. Please go ahead. Hi. Thanks for taking my question. I have a question on your expansion in Qatar. Basically, if you look in the end of 2021, with 119 station, all right? You end of 2022 with almost around eight more stations. If you compare the first quarter of 2023 by the first quarter of 2023, you see that the volume has dropped. I'm just trying to understand, okay, what is the purpose of keep expanding, if eventually you will see the volumes are dropping. Thank you. Yeah. Go ahead. Yeah. Yeah. actually retail volume has increased. In terms of expansion, there are multiple components you have to look at it. First, we have a social responsibility to the community to expand where it's needed. Of course, the plan is dynamic. Our business is where required we would be building stations. Our expectation in this year and in the coming year, we will slow down in our expansion. We will see based subject to evaluation at that point of time. Okay. Future expansion is based on need. That's it. Okay. Thank you. Our next question comes from the line of Ildar Khaziev from HSBC. Please go ahead. Yes. Hi. Thank you. I just want to double check whether the revenue line in your financials is still linked to the market price for jet fuel. Because my understanding was that even although the gasoline and diesel prices are regulated, jet fuel prices are probably not. On top of that, am I correct to assume that in first quarter you might have booked a negative input from weak jet fuel prices if that's the case, just because your inventory was high, had a higher price? Thank you. First part of the question, jet fuel prices. Yes, these are market linked. That's how the revenue is kind of, you know, up and down whenever the price goes up. On the other side, volume. As you seen from the volume statistics, you know, jet fuel volume has increased by 9% this quarter. On the other side, yeah, the stock price of the inventory that we held also subject to kind of changes based on the market price of the jet fuel. Thank you. Again, if anyone would like to ask a question, please press star then the number one on your telephone keypad. Another question comes from the line of Anastiatas Delgienakis from Alpha Izal Investments. Please go ahead. Hello. Good morning. Thank you for taking my question. You did a large repayment to QatarEnergy this quarter, QAR 350 million, and there's around QAR 3 billion left. Could you tell us what is your plan on repaying the balance? Thank you. Can you please repeat the question? It was not very legible to us. Yeah. You paid down QAR 350 million in dues to related parties this quarter, QAR 350 million. You have another QAR 3.5 billion balance. When do you expect to decrease that? In what sort of timeframe? You keep a balance, a minimum balance. How is it going to work in terms of repayment? Yeah. I believe you are looking into repayable balances, which has reduced from QAR 3.8 billion- QAR 3.5 billion, and that's a factor of the price. As I explained just now, you know, prices are subject to market fluctuation and whenever there's a come down. This QAR 3.8 billion is December. From December to first quarter, you know, our prices have come down from the fourth quarter to the first quarter of this year. Naturally, that's reflected in the payables also. Meaning, can I clarify, if I may, please, only, assuming price is stable, it means that we will have, a QAR 3.5 billion balance there or? Yeah. If the price is stable, that's what is we hope to our suppliers for the product that we purchase. Okay. Thank you very much. Again, if you would like to ask a question, please press star then the one on your telephone keypad. There are no further questions at this time. I turn the call back over to Fabian. Okay. Thank you, April. If there are no further questions, it brings us to the end of our conference call today. Thank you all for joining us. Thank you for your questions. I would like to thank the management team for addressing investors' questions. Please join us again for the second quarter earnings conference call. Thank you, and have a good day. Thank you so much from our side also. This concludes today's conference call. You may now disconnect.