Qatar Electricity & Water Net Profit Rose 0.3% to QR813 Million in 1^st Half of 2018

July 18, 2018

Qatar Electricity & Water Company’s (QEWC) net profit amounted to QR813 million, compared to QR811 million for the same period in 2017, while the company’s earnings per share recorded QR7.39 for the six months ended 30 June 2018, versus QR7.37 for the same period last year.

The Group’s Comments:

QEWC’s revenues generated from sales dropped by 12.6% to QR1,344.2 million, but its net after-cost revenues fell by only 1.5% to QR650.9 million due to a large cost reduction. After adding other income of QR94.6 million to profit from joint ventures amounting to QR280.1 million, and deducting general expenses of QR96.1 million and financing costs of QR102.5 million, the result is a net profit of QR280.1 million, marginally increased compared to last year. In terms of the comprehensive income, there was a rise in the fair value of QR686.9 million, which increased the comprehensive income to QR1499.4 million, versus QR641.7 million recorded in the corresponding period of 2017.