The Board of Directors of Qatar Electricity and Water approved on Monday, 19 October 2020, the financial results for the 9 months period ended 30 September 2020 and the financial position as at that date which was reviewed by the external auditors of the company M/s. Ernst & Young.
The Financial statements showed sales of QR 1,951 Million compared to QR 1,785 Million for the same period of the year 2019, resulting in an increase of 9%.
The financial statements showed a net profit of QR 1,034 Million (net of non-controlling interests) compared to QR 950 Million for the same period of the year 2019, resulting in an increase of 8.8%. The Earning per Share (EPS) amounted to QR 0.94 compared to QR 0.86 for the same period of the year 2019.
The Board expressed satisfaction over the construction progress of the Umm Al Houl Power Expansion project (61.45 MIGD Water), in spite of the impact of Covid-19. The progress of various other projects in pipeline such as Siraj One Solar Power project (800 MW Power), the ongoing evaluation of Power and Water Project to be established in the Ras Abu Fontas (2,300 MW Power and 100 MIGD Water) and Various Overseas Projects under Nebras Power Company were also reviewed by the Board.
The Board also approved the appointment of Mr. Mohammad bin Nasser Al-Hajri as General Manager of the Qatar Electricity and Water Company, effective 1/1/2021.