QEWC Announces QR 1,384 Million Profit in 2013

qewc News

Qatar Electricity and Water Company (QEWC) has announced a profit of QR 1,384 million for the financial year ended 31 December 2013.

The Board of Directors chaired by HE Chairman of the Administrative Control and Transparency Authority and Chairman of the Company Abdullah bin Hamad Al Attiyah, approved the financial results for the year ended 31 December 2013, and the financial position as at that date after it is audited by the auditors of the company M/S Deloitte & Touche. The financial statements revealed a net profit of QR 1,384 million (net of non-controlling interests), said a press release of QEWC.

The year 2013 witnessed an increase of 2.3% in sales (QR 2,904 Million in 2013 as against QR 2,838 Million in 2012) and an increase of 1% in Gross Profit (QR 1,306 Million as against QR 1,293 Million in 2012). The Board expressed satisfaction with company’s operational performance. The main reason for the drop in the 2013 Profit is due to the receipt of QR127 Million for the settlement RAF B2 EPC claim in 2012.

Based on the financial results achieved by the company and the future plans of the company, the Board of Directors has proposed a final dividend distribution of QR 7.5 per share.

The Board also proposed to distribute one bonus share for every 10 shares held subject to the approval from the General Assembly to be held on 25 February 2014 at Katara Hall.