Qatar Electricity & Water Co sees 6% profit fall
Fall reported despite 3% rise in sales
Qatar Electricity and Water Company (QEWC), which owns and operates power and desalination plants around the country, has reportedly recorded a 6% fall in profits on a year-on-year basis, according to The Peninsula.
The company’s financial statement for the nine month period ending September 30, 2012, showed net profits of QR980m, down from QR 1.04bn a year earlier. The company recorded a 3% rise in sales over the same period.
The company is 43% owned by the Government of Qatar, with the remaining held by institutions and private individuals.
QEWC says that when it completes its latest phase of project developments, it will be responsible for over 60% of Qatar’s total power generation and more than 70% of its desalinated water capacity.