QEWC posts Net Profit of 1.54 billion

qewc News

QEWC registers net profit of QR1.54bn. Qatar Electricity and Water Company (QEWC) has posted a net profit of QR1.54bn in 2016 compared to QR1.5bn in the year before.The company has seen a 4% increase in its sales to QR3.1bn last year compared to QR2.99bn in 2015. Earnings per share (EPS) amounted to QR14.02 in 2016 compared to QR13.64 in 2015.

The results were announced here last night after a meeting of QEWC Board of Directors chaired by company chairman HE Dr Mohamed bin Saleh al-Sada, also the Minister of Energy & Industry.

The board adopted the report pertaining to the company’s activities and financial results for 2016 and future planned investments and the company’s financial position for 10 years. The Board of Directors discussed developments in the company’s various projects, which are under construction and review. The major projects discussed are Ras Abu Fontas (A-3) Umm Al Houl Power and Lusail Tower Project. It 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. The Board of Directors also reviewed the status of solar power project, for which QEWC signed a MoU with Qatar Petroleum to establish a company for building solar power plants in Qatar. The Board of Directors expressed satisfaction with the company’s financial performance, and optimism that the company will have a “promising” future with projects and excellent future strategies.
Based on the “positive” results achieved, the Board of Directors has decided to offer a recommendation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 75% of the nominal value of the shares, same as that of last year.