QEWC's 2018 Net Profit Reaches QR1,537 Million

Doha, February 10 (QNA) - Qatar Electricity and Water Company (QEWC) announced its financial results for 2018, which revealed a net profit of QR 1,537 million for the year 2018 (net of non-controlling interests) against QR 1,616 million in 2017, whereas the sales during the year 2018 were QR 2,601 million, against QR 3,071 million for 2017. The Earning per Share (EPS) amounted to QR 13.97 in 2018 compared to QR 14.69 in 2017. Based on the positive results achieved, the board has decided to offer a recommendation 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 This announcement comes after a meeting of the Board of Directors chaired by HE Minister of State for Energy Affairs and Chairman of the QEWC's Board of Directors Eng. Saad bin Sherida Al Kaabi, where they adopted the report of the Board of Directors on the company's activities and financial results for the year 2018, company's future planned investments and the financial forecast for 10 years. The board also reviewed the offers of audit firms and adopted a recommendation to appoint auditors in order to present it to the General Assembly, which will be held in March. The board discussed developments in the company's various local projects such as the Umm Al-Houl Project, which was completed and expressed its satisfaction with the completion of this project before the summer of 2018. Board also reviewed the latest developments on Siraj Energy Company, which is specialized 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. This is in line with the implementation of the company's policy in exploiting clean and renewable energy such as solar energy, Electricity, and water desalination, and diversify sources of income. The board also briefed on the various projects of Nebras Power, in which QEWC owns 60 percent shares and discussed its foreign investments. 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. (QNA)