QEWC announces QR620mn in profits for first half of 2019
July 22 2019 12:27 AM
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The Qatar Electricity and Water Company (QEWC) said yesterday that the interim financial statement for the six-month period ended June 30, 2019.
The financial statements reported a net profit of QR620mn in comparison to a net profit of QR813mn for the same period of the previous year.
Earnings per share (EPS) amounted to QR0.56 as of June 30, 2019, versus EPS QR0.74 of the same period in 2018.
QEWC announced its financial results for the first half of this year following a meeting of the Board of Directors of the company and its approval of the audited financial results for the period.
The financial statements showed sales of QR1,143mn compared to QR1,344mn for the same period of the year 2018.
QEWC, a Qatari public shareholding company, is one of the first private sector companies in the region that operates in the field of electricity generation and water desalination.
Established in 1990 in accordance with the provisions of the Qatari Commercial Companies Law, its purpose was to own, manage, and sell products of electricity generation and water desalination.
QEWC is the second largest company in the field of power generation and water desalination in the Middle East and North Africa (Mena) region.
It is the main supplier for electricity and desalinated water in Qatar with a market share of 62% of electricity and 79% of water.
The company generates electricity of 5.432 megawatt and produces 258mn gallons of water per day.
QEWC revenues increased at a compounded annual growth rate of approximately 10.3%.

MoTC’s Digital Incubation Centre begins 3rd edition of ‘IdeaCamp’
The third edition of ‘IdeaCamp’, a programme of the Digital Incubation Centre (DIC) at the Ministry of Transport and Communications (MoTC), is now receiving applications to qualify for winning an incubation opportunity at the DIC.
IdeaCamp is a programme for entrepreneurs, developers, and designers who have great ideas for a technology solution. It offers a series of workshops, training, and mentorships for five weeks to help entrepreneurs develop business models, build prototypes, and test their ideas with local customers.
Online applications for IdeaCamp are received at https://dic.motc.gov.qa/ideacamp/ until August 15, 2019. After being received, all applications are screened and assessed and owners of the accepted applications are informed. At the end of the five-week-programme, entrepreneurs with unique, successful ideas join the DIC ‘Startup Track’, which will begin later this year, to take their ideas to the next level.
IdeaCamp accepts applications for any technology idea. However, priority is given to entrepreneurs who submit ideas in the following technology areas: Advanced Analytics, Artificial Intelligence (AI), and the Internet of Things (IoT).
The programme looks for entrepreneurs who are capable of harnessing emerging technologies to create innovative products, solutions, or services that will contribute to Qatar’s digital economy.
DIC launched the second edition of IdeaCamp in October 2018 and it received some 250 innovative ideas, 25 of which made it to the finals and won an incubation opportunity with the centre. The winning ideas covered a wide range of fields across multiple segments of society, based on modern technology.
The DIC was established in 2011 to boost ICT innovation in Qatar, particularly among young people at the critical early stages of starting or growing a technology-related business.
The centre offers startups free office space, technical support, training and guidance, mentorship, as well as business planning and legal advice. All innovative ideas are encouraged to join the third edition of IdeaCamp via https://dic.motc.gov.qa/ideacamp/

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