QEWC posts QR1.54bn profit

02/02/2017 05:48 AST

The Qatar Electricity and Water Company (QEWC) reported a net profit of QR1.54bn for the year ended December 2016 compared to QR1.50bn posted a year ago.

The year 2016 witnessed an increase of 4 percent in sales (QR310bn) against QR 2.9bn reported in 2015. The Earning per Share (EPS) amounted to QR14.02 in 2016 compared to QR 13.64 in 2015.

The Board of Directors of QEWC, chaired by HE Dr. Mohamed Bin Saleh Al-Sada, Minister of Energy & Industry and Chairman of the QEWC, discussed the financial results yesterday. The Board adopted the report of thedirectors for the company's activities and financial results for the year 2016 and future planned investments and the company's financial position for coming 10 years.

The Board discussed developments in the company's various projects which are under construction and under review. The major projects discussed are Ras Abu Fontas (A-3) Umm Al Houl Power and Lusail Tower Project. The meeting also discussed QEWC’s foreign investments in power and water projects through Nebras Power QSC where QEWC owns 60 percent shares. Nebras Power already completed acquisition of few Projects and currently negotiating on few more acquisitions. The Board also reviewed the status of solar power project for which QEWC signed a MOU with Qatar Petroleum to establish a company for building solar power plants in Qatar.

The Board expressed satisfaction with the company’s financial performance, and was optimistic that the company will have a promising future with projects and excellent future strategies. Based on the positive results achieved, the Board has decided to offer a recommendation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 75 percent of the nominal value of the shares, same as last year.

The Board expressed thanks and appreciation to Qatar Petroleum and Qatar Investment Authority for supporting Nebras Power QSC and to all local companies and corporation mainly Qatar Foundation for close cooperation with QEWC in its local and international projects.

The Peninsula