Qatar utility firm posts $422m net profit

Qatar Electricity and Water Company (QEWC) has registered a net profit of QR1.54 billion ($422 million) for 2016 compared to QR1.5 billion ($411 million) in the year before. The company also posted a four per cent growth in its sales which soared to QR3.1 billion last year compared to QR2.99 billion 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 Dr Mohammad bin Saleh Al Sada, Minister of Energy and Industry, said a statement from the Qatar utility firm. 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 . It also discussed developments in the company’s various projects, which are under construction and review including Ras Abu Fontas (A-3) Umm Al Houl Power and Lusail Tower Project, it stated. The board also discussed QEWC’s foreign investments in power and water projects through Nebras Power, in which the utility firm owns a 60 per cent stake. Nebras Power has already completed acquisition of a few projects and is currently negotiating on additional buys. The board members also reviewed the status of a solar power project, for which QEWC signed a MoU with Qatar Petroleum to establish a company for building solar power plants in Qatar. Impressed with the results, the board has decided to offer a recommendation to the general assembly to approve the distribution of cash dividends to shareholders, equivalent to 75 per cent of the nominal value of the shares, same as that of last year.