QEWC profit jumps 13% to QR394.38mn in Q1

QEWC profit jumps 13% to QR394.38mn in Q1 Qatar Electricity and Water Company (QEWC) has reported about 13% year-on-year jump in net profit to QR394.38mn in the first three months of this year. Although sales revenue declined more than 8% to QR659.89mn, the company managed to register about 29% growth in operating profit to QR318.12mn, according to its financial statement filed with the Qatar Stock Exchange.

The more than 2% rise in share of profit of joint ventures to QR131.09mn helped it improve its net profitability. Its earnings-per-share was QR3.59 at the end of March 31, 2018 against QR3.18 in the comparable period of 2017.

Total assets were valued at QR15.76bn, comprising current assets of QR4.13bn and non-current assets of QR11.63bn. The company made this disclosure after the board held its second meeting for this year, where the members discussed various local projects which are under construction and under review.

The projects which are under construction include Umm Al Houl Power Project, which is currently more than 99% complete and Lusail Tower Project, which has just started the initial works. The projects under review stage include Siraj Power Company, which was established by QEWC and Qatar Petroleum with the intention of developing solar power projects in Qatar. The board also discussed international projects which are handled directly by Nebras Power Company.

 

Sources and photo-credits: Gulf Times