Qatar Electricity & Water Net Profit Drops 12% to QR1.15 Billion in Q3 2018

October 18, 2018

Qatar Electricity & Water Company net profit amounted to QR1.15 billion, compared to QR1.31 billion recorded in the same period of the previous year, while the company’s earnings per share recorded QR10.51, versus QR11.92 for the corresponding period of 2017.

The Group’s Comment:

Qatar Electricity & Water Company revenues decreased by 14.8% to QR6.6 million in 9 months. Its operating expenses decreased by 15.3% to QR1099 million. As a result, total profit decreased by 14.1% to QR916.7 million. Public spending fell slightly to QR96 million, while the cost of financing increased by 16.5% to QR102.5 million. After adding a share in project profits of QR280 million and other income of QR94.6 million, the net profit for the period decreased by 11.8% to QR1156.4 million. On the other hand, the company had a significant change in fair value with a positive value, against a loss in the corresponding period of 2017, which caused the comprehensive income to double to QR 2,227.7 million, compared to QR 1185.5 million.