Qatar Electricity and Water Company (QEWC) has posted a first-quarter net profit of QR299mn, compared with QR201mn in the same period last year.
The results were announced after a meeting of QEWC board of directors presided over by chairman HE Dr Mohamed bin Saleh al-Sada, the Minister of Energy and Industry.
The first quarter saw sales totaling QR658mn, up 6% on the same period last year. Gross profit increased by 5% to QR251mn from QR239mn in the same period last year.
QEWC said, “The board of directors expressed satisfaction with company’s financial performance. The main reasons for the improvement in the financial results are increase in profits from the investments both inside and outside Qatar, lower interest rates on loans and financial settlements that have been made in the first quarter of last year.”