Qatar Electricity & Water Net Profit Up 12.5% ​​to QR394 MM in Q1 2018

April 23, 2018

The net profit of Qatar Electricity & Water Co. (QEWC) amounted to QR394 million in the first quarter of 2018, compared to QR350 million for the corresponding period. The company’s earnings per share recorded QR3.59, versus QR3.18 for the corresponding period of 2017.

The Group’s Comments:

Although QEWC’s revenues fell by 8.4% in the first quarter, the 19.5% decrease in operating costs led to a 14.6% increase in total profit to QR302.1 million. Other incomes increased by 58.6% to QR66.3 million, while general and administrative expenses stood at QR50.3 million. The cost of financing increased by 24.8% to QR47.8 million, and the company's share in the profits of associates increased slightly to QR131 million. As a result, the net profit increased by 12.7% to QR401.4 million, and the comprehensive income increased to QR849 million due to an increase in fair value.