DOHA: Qatar Electricity and Water Company (QEWC) has announced a net profit of QR1.23bn in the first nine months of the year ended September 30, 2016, showing an increase of 8 percent compared to QR1.14bn in the same period last year.
The earnings per share amounted to QR11.21 in 2016 compared to QR10.37 for the same period in 2015. Company’s sales increased by 5.3 percent to QR2.32bn compared to QR2.20bn for 2015. The Board of Directors of QEWC held a meeting on Wednesday to discuss the financial results.
The meeting was chaired by Minister of Energy and Industry and Chairman of the QEWC’s Board of Directors H E Dr Mohamed bin Saleh al Sada. The board was briefed on the company’s projects under construction. The first phase of Ras Abu Fontas A3 (RAF A3) project has been completed with a capacity of 22MIGD and full completion of the project with 36 MIGD capacity is expected by January 2017.
The project is 98 percent complete as of now. Umm Al Houl Power Project, which is one of the largest and strategic projects in the field of electricity generation and water desalination in the region, has reached 66 percent completion. The board also discussed international projects, which is handled by QEWC’s 60 percent owned joint venture, Nebras Power Company. Shams Ma’an Power project, which is engaged in the production of electricity using solar energy in Jordan, was inaugurated October 10, 2016. The plant began its commercial operation on September 22.
