QEWC announces QR320mn profit for Q1
April 19 2020 09:25 PM
Qatar Electricity and Water Company
Qatar Electricity and Water Company

QNA/Doha

The board of directors of Qatar Electricity and Water Company (QEWC) held its second meeting for 2020 Sunday chaired by HE the Minister of State for Energy Affairs and chairman of the QEWC's board of directors Saad bin Sherida al-Kaabi, through video conferencing.
The board discussed the positive financial results for the quarter ended March 31, 2020, and the financial position as at that date which was reviewed by the auditors of the company Ernst & Young. The financial statements witnessed a net profit of QR320mn (net of non-controlling interests) against QR309mn for the same period of the year 2019.
Earning per share (EPS) amounted QR0.29 in 2020 compared to QR0.28 for the same period of 2019.
The Q1 of 2020 showed sales of QR599mn compared to QR539mn for the same period of 2019.
The board also discussed precautions taken by QEWC and its group companies to confront the outbreak of the coronavirus and its effect on power generation and desalination plants.
In line with Qatar's efforts to combat the spread of the virus, QEWC will ensure continued production of electricity and water with high efficiency during the summer. The board expressed satisfaction with the company's financial performance, and expressed its optimism that the company will have a promising future with projects and excellent future strategies.



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