QEWC announces 5pc increase in net profit

qewc News

Doha: The financial statements of Qatar Electricity and Water Company (QEWC) for year 2017 have witnessed an increase of 5% in net profit.

Net Profit for the year 2017 is QR1,616m (net of non-controlling interests) against QR1,542m in 2016.

The Earning per Share (EPS) amounted to QR 14.69 in 2017 compared to QR14.02 in 2016. The sales during the year 2017 are QR3071m, as against QR3,103m for 2016.

Board of Directors of Qatar Electricity and Water Company yesterday adopted the financial statements for the year ended December 31, 2017

The Board of Directors of Qatar Electricity and Water held its first meeting for the year 2018 chaired by Khalid Bin Said Al Rumaihi Vice Chairman of the QEWC’s Board of Directors.

The Board discussed the positive financial results for the year ended 31 December 2017, and the financial position as at that date which was audited by the auditors of the company M/S Ernst & Young.

The Board adopted the report of the Board of Directors for the company’s activities and financial results for the year 2017 and future planned investments and the company’s financial position for 10 years.

The Board also reviewed the offers of audit firms and adopted a recommendation to appoint auditors for the year 2018 in order to present it to the General Assembly which will be held on Monday (February 26) at The Doha Sheraton – Hotel.

The Board discussed developments in the company’s various local projects which are under construction and under review.

The major projects discussed are construction of power station and water desalination plant in the economic zone (Umm Al Houl Power) and construction of Lusail Tower as an investment.

Board also reviewed the latest developments concerning the establishment of Siraj Power Company, which is specialized in the construction of solar power plants with the participation of Qatar Petroleum.

The Board also discussed QEWC’s foreign investments in power and water projects through Nebras Power QSC where QEWC owns 60% shares. Nebras Power already completed acquisition of few Projects and currently negotiating on few more acquisitions due to which the company expects to generate more future earnings.

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 77.5% of the nominal value of the shares, (Previous year 75%).

The Board expressed thankfulness and appreciation to the Emir H H Sheikh Tamim bin Hamad Al Thani, and his good government headed by Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, the Prime Minister and Minister of the Interior for the continued support and the wise policy towards the power and water sector.

Source: The Peninsula