Doha – Qatar Electricity and Water Company (QEWC) reported a net profit of QR1.53 billion for 2018, compared to QR1.61 billion in 2017, the company announced in a statement on Sunday.
QEWC said sales during the year 2018 reached QR2.60 billion, against QR3.07 billion for 2017. The earning per share (EPS) amounted to QR13.97 in 2018 compared to QR14.69 in 2017.
Based on the positive results achieved, the board of directors has decided to recommend to the general assembly to approve the distribution of cash dividends to shareholders, equivalent to 77.5 percent of the nominal value of the shares, same as last year.
The announcement was made after a meeting of the board chaired by Minister of State for Energy Affairs and Chairman of the QEWC’s Board of Directors Saad bin Sherida al Kaabi.
The board discussed developments in the company’s various local projects including the Umm Al Houl Project, which was completed before the summer of 2018.
The board also reviewed the latest developments on Siraj Energy Company, which is specialised in the construction of solar power plants, with the participation of Qatar Petroleum.
Siraj Energy is planning to complete the first phase of the Solar Project in the year 2020.
The board also briefed on the various projects of Nebras Power, in which QEWC owns 60 percent shares.
The company has achieved objectives in most of the expected investments in several countries such as Indonesia and the Netherlands and is currently negotiating bids for several external projects for electricity production, which is expected to add additional revenue, the statement said.