QEWC Net Profit Up 11% to QR 1.53 Billion

qewc News

Qatar Electricity & Water Company (QEWC) has made a net profit of QR1.53bn last year, up 11% on the previous year.

The results were announced by the company following a meeting of the QEWC Board of Directors in Doha yesterday. HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada, who is the QEWC chairman, presided over the meeting.

A QEWC statement last night said the board had approved the “partnership principle” between QEWC and Qatar Petroleum to establish a company for building solar power plants in Qatar. The feasibility study shall be completed and submitted to the board for its final go-ahead.

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-2), which is nearing completion, construction of an electricity and water station at the Qatar Economic Zone, construction of a desalination plant and industrial water treatment plant at Ras Laffan Industrial City (RLC) and the construction of the Ras Abu Fontas (A-3) desalination plant.

The QEWC Board of Directors also discussed the company’s foreign investments in power and water projects through Nebras Power, in which the company owns 60% shares. Projects include Shams Ma’an solar power plant to be built in Ma’an, Jordan. QEWC will have a 35% share in this.

Nebras Power is negotiating the acquisition of shares in several projects in the Mena region.

QEWC said the board “expressed satisfaction” at the company’s financial performance and expressed its optimism that it would have a “promising future” with projects and “excellent” strategies.

Based on the “positive results” achieved, the QEWC Board of Directors said it had decided to submit a recommendation to the company’s general assembly to approve the distribution of cash dividends to shareholders, equivalent to 75% of the nominal value of the shares.

Total dividend proposed for 2014 is QR825mn compared to QR750mn in 2013.
The QEWC general assembly will be held on February 17 at The Ritz-Carlton Hotel.