QWEC Profits in Q2, 2016 Rise 7.4% to QR 791.3 Million 

July 14, 2014

Qatar Electricity & Water Company (QWEC) disclosed the interim financial statement for the six-month period ended June 30, 2016. The statements show that the net profit is QR  791 Million Compared to net profit amounting to QR 737 Million for the same period of the previous year.

The Earnings per Share (EPS) amounted to QR 7.19 for the period ended June 30, 2016 compared to EPS amounted to QR 6.70 for the same period of the previous year.

The Group's Comment

Qatar Electricity & Water Company (QWEC)'s sales increased by 10% to QR700.9 million in six months. The company also has other sources of income worth QR80 million. Public and administrative expenses rose by 4.5% to 93 million. As result, the operating income increased by 18.8% to QR687.9 million. The financing cost increased to QR 65.2 million. Adding up the company's profit made from other joint ventures worth QR 185.8 million, net profit attributable to the shareholders amounted to QR 791.3 million. There was a negative change in the fair value which scaled down the comprehensive income attributable to the shareholders to QR 704.7 million.