(The Group’s Comments) Qatar Electricity & Water Co.
Net Profit Down to QR309 Million in Q1 2019
April 15, 2019
Profits: Qatar Electricity & Water Company
(QEWC) reported its profits for the first quarter of 2019, which
amounted to QR 309 million, a decrease of 21.6%, compared to QR
394 million for the same period last year. QEWC’s earnings per
share reached QR 2.81, versus QR 3.59 for the corresponding
period of 2018. It should be noted that the profits of 2018
fourth quarter amounted to QR 380.2 million.
The reasons for the decline in net profits can be summarized as
follows:
1.
Operating income decreased by 18.26% to QR 539.39 million,
compared to QR 659.9 million for the first quarter of 2018, due
to lower sales and maintenance revenues by more than QR 82
million.
2.
The
Company's share of profits and dividends in companies it invests
in decreased by more than QR 31 million.
3.
The
cost of financing and administrative expenses decreased by QR 16
million to QR 63.7 million compared to QR 47.8 million for the
corresponding period of 2018.
On the other hand, other revenues increased by QR 38 million due to
higher interest income and profit on disposal of certain assets.
Comprehensive income: During the
first quarter of 2019, the company recorded a loss of financial
assets of about QR 371.3 million against a profit of QR 454.7
million.
|