QEWC’s H1 revenue grew more than 1% to QR1.42bn; whereas cost of sales fell 3% to QR782.87mn, leading to more than 7% jump in gross profit to QR637.29mn.
Higher operating income and share of profits from joint ventures as well as better cost management helped the Qatar Electricity and Water Company (QEWC) register a 3% jump in January-June net profit to QR737.15mn.
Revenue grew more than 1% to QR1.42bn; whereas cost of sales fell 3% to QR782.87mn, leading to more than 7% jump in gross profit to QR637.29mn, according to its financial statement filed with the Qatar Stock Exchange.
Although other income shrank 63% to QR30.77mn, the company’s operating profit rose 2% to QR579.09mn as general and administrative expenses were brought down by 17% to QR88.98mn.
Although share of profits of associates fell 35% to QR5.83mn; its share of profit of joint ventures grew 13% to QR210.78mn and net finance costs shrank 7% to QR39.51mn; thus translating as a 5% increase in profit from continuing operations to QR756.18mn.
Total assets were valued at QR12.89bn comprising current assets of QR2.38bn and non-current assets of QR10.51bn.
Total equity stood at QR6.89bn on a capital base of QR1.1bn and earnings-per-share was QR6.87 at the end of first half of this year ended June 30.