QEWC sees 38% increase in gross profit to US$423m
Qatar Electricity and Water Company posts positive figures for 2010
Qatar Electricity and Water Company (QEWC) has posted a 38% increase in gross profit to US$423m, translating into a 23% increase net profits (US$318 million), citing a rise in sales and a slowing in costs.
A 29% rise in sales and a slowing cost of sales (23%) has translated into a 38% rise in gross profit to $423 million for the company, as confirmed in the QEWC’s financial statement, filed with the Qatar Exchange. According to reports, the company’s board has recommended a 60% cash dividend to shareholders, to be approved at the QEWC’s AGEM.
With interest income up 9% to $21.8 million, miscellaneous income grew by five times to reach $19.3 million. However, dividend income dropped 34% to $3.1 million, share of interest income of joint ventures by 12% to $12.08 million, and share of profits of associates fell by 31% to $8.7 million.
Total assets for the company have been valued at $6.06 billion (current assets: $1.08 billion, non-current assets: $4.98 billion).