Qatar Electricity and Water Company (QEWC) disclosed on Sunday the Interim Financial Statement for the six-month period ended June 30, 2019. The financial statements revealed a net profit of QR 620 Million in comparison to net profit QR 813 million for the same period of the previous year.

The Earnings per Share (EPS) amounted to QR 0.56 as of June 30, 2019, versus EPS QR 0.74 of the same period in 2018. QEWC announces its financial results for the first half of this year following the 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 QR 1,143 Million compared to QR 1,344 Million 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 the products of electricity generation and water desalination plants.

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 percent of electricity and 79 percent of water. The company generates electricity of 5.432 Megawatt and produces 258 million gallons of water per day. QEWC revenues increased at a compounded annual growth rate of approximately 10.3 percent.

(Source: Qatar News Agency - QNA, Cover image credit:QEWC )

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Khadiza Begum

Content Writer

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