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Qatar’s QEWC posts flat Q4 net profit

The state-run utility made a profit of 360.4 million riyals ($99.00 million) in the three months to Dec. 31, compared with 360.4 million riyals in the same period a year earlier

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Earnings, Profits, Qatar, Qewc, Revenue, News

Qatar Electricity and Water Co (QEWC), the Gulf state's monopoly utility firm, reported on Wednesday a flat fourth-quarter net profit, according to Reuters calculations.

The state-run utility made a profit of 360.4 million riyals ($99.00 million) in the three months to Dec. 31, compared with 360.4 million riyals in the same period a year earlier, Reuters calculated using its annual financial statement, in lieu of a quarterly breakdown.

QNB Financial Services had forecast a quarterly profit of 391.1 million riyals for QEWC, reported Reuters.

The utility firm made 1.501 billion riyals in 2015 net profit, down from 1.53 billion riyals in the previous year, it said in a statement.

QEWC also said its board proposed paying a cash dividend for 2015 of 75 percent, equivalent to 7.5 riyals per share. This is the same as the 7.5 riyals the company paid for 2014.

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