QEWC reports over QR1.31bn net profit for nine months

qewc News

The Qatar Electricity and Water Company (QEWC) has reported a net profit of over QR1.31bn (net of non-controlling interests) for the first nine months of this year ended September 30 , up 6 percent compared to about QR1.23bn for the corresponding period last year.

The Earning per Share (EPS) amounted to QR11.92 in 2017 compared to QR11.21 for the same period in 2016. The Board of Directors of QEWC held its fourth meeting for the year 2017 yesterday, chaired by Khalid bin Said Ali Al Rumaihi, Vice-Chairman of the QEWC. The Board discussed the positive financial results for the nine months ended September 30, 2017 and the financial position as at that date, which was reviewed by the external auditors of the company M/S Ernst & Young.

The company’s sales during the period reached at about QR2.36bn, witnessing a growth of 2 percent compared to over QR2.32bn for the same period last year.  The Board expressed satisfaction with company’s financial performance.

The Board discussed developments in the company’s various projects which are under construction and under review. The major projects discussed are Umm Al Houl Power Project, Lusail Tower Project, Solar Power Project (Siraj Energy) and various international Projects which are handled directly by Nebras Power Co.