Doha: Qatar Electricity and Water Company (QEWC) reported a net profit of QR1.7bn in 2022 - the company’s highest-ever net profit, compared to QR1.4bn in 2021.
In a statement on Sunday, QEWC stated that earnings per share amounted to QR1.56 in 2022, up from QR1.33 in 2021.
The statement added that the company’s Board of Directors during its meeting today under the chairmanship of Minister of State for Energy Affairs H E Eng. Saad bin Sherida Al Kaabi recommended distributing cash dividends at a value of QR 0.95, which is the highest since the company’s founding, to be approved at the Annual Shareholders General Assembly on March 14, 2023.
The total cash dividends proposed to be distributed equals to QR1.45m, which is equivalent to 61 percent of net profits.
The statement explained that QEWC achieved the revenue of QR2.7bn in the fiscal year 2022, an increase of 10 percent compared to 2021, which at that time amounted to QR2.4bn.
QEWC was established in 1990, with the aim of owning and managing power generation and water desalination plants and selling their products.
It is one of the first private sector companies in the region that works in the field of electricity production and water desalination.
The companys capital upon incorporation amounted to QR1bn, and is a company listed on the Qatar Stock Exchange.
