DOHA: The utility major Qatar Electricity and Water Company (QEWC) has recorded a net profit of QR394m for the first quarter of 2018 (Q1,18), up from QR350m posted during the same period in 2017. QEWC’s first quarter sales reached QR660m, compared to QR720m delivered a year ago.
The Earning per Share (EPS) amounted to QR3.59 compared to QR3.18 in 2017. The Board expressed satisfaction with company’s financial performance.
QEWC announced the results after the Board of Directors’ meeting on Sunday. The meeting was chaired by H E Dr. Mohamed bin Saleh Al Sada, Minister of Energy & Industry and Chairman of the Board of Directors.
The Board discussed developments in the company’s various local projects which are under construction and under review. They included Umm Al Houl Power Project, which is currently more than 99 percent complete and Lusail Tower Project, which has just started the initial works. Projects discussed which are under review stage include Siraj Power Company, which was established by QEWC and QP with the intention of developing Solar Power Projects in Qatar. The Board also discussed international Projects which are handled directly by Nebras Power Co.
