QATAR: QEWC profit rises 11% …to QR1.44bn

Qatar Electricity and Water Company (QEWC) has reported an 11% rise in net profit to QR1.44bn in 2012, mainly helped by robust interest and dividend earnings and by settlement of dispute with EPC contractors for its RAFB2 project.

The company has recommended a 73% cash dividend subject to the approval of shareholders at an annual general assembly meeting scheduled on February 25.

Sales rose 3% to QR4.52bn but cost of sales grew faster at 6% to QR2.36bn, resulting in a flat path for gross profit at QR2.17bn, according to its financial statement. Interest income gained 35% to QR37.79mn, dividend income rose 35% to QR16.98mn and miscellaneous income by 44% to QR158.63mn, even as share of interest income of joint venture companies fell 48% to QR6.88mn. Of the QR158.63mn miscellaneous income, settlement with engineering, procurement and construction contractors amounted to QR127.45mn. During the year, the company settled a dispute with its EPC contractors that were responsible for the construction of RAFB2.
However, QEWC recorded gain of QR5.46mn as share of profit of associates. Its associates are Oman-based Phoenix Power Company as well as Phoenix Operation and Maintenance Company (15% stake each) and Cayman Islands-registered AES Oasis (38.89% stake).

Phoenix Power Company will design, construct, own, operate and maintain a high efficiency gas-fired power generation facility with a minimum capacity of 2,000MW to be located at Sur, Oman, while Phoenix Operation and Maintenance is to provide operation and maintenance service to the project company pursuant to the operation and maintenance contract.

AES Oasis is 60% owner of AES Jordan Holding, a company incorporated in Cayman Islands, which is a joint venture with Mitsui and Company of Japan. AES owns and operates a 370MW combined cycle gas fired power in Almanakher, Jordan. General and administrative costs were down 6% to QR188.88mn and finance costs by about 1% to QR726.40mn. Total assets were valued at QR22.26bn, comprising current assets of QR5.33bn and non-current assets of QR16.93bn. Total equity stood at QR4.06bn on a capital base of QR1bn and earnings-per-share was QR14.36 at the end of December 31, 2012.

Source: Caye Global News, Gulf Times

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