Qatar Electricity and Water Company net profit drops 3.49pc in 2013

February 06, 2014 - 1:07:19 pm

DOHA: Qatar Electricity and Water Company has reported a drop by 3.49 percent to QR1.38 billion in its net profit for the year-ended December 31, 2013.

The Board expressed its satisfaction with company's performance and cited the main reason for the drop in the 2013 profit was due to the receipt of QR127 million for the settlement RAF B2 EPC claim in 2012, said a press release issued here on Thursday.

The Qatari utility company had reported a net profit of QR 1.43 billion in 2012.

Its Earnings per Share (EPS) in 2013 are QR 13.84 compared to QR 14.32 in 2012.

The company witnessed an increase of 2.3 percent in 2013 sales to QR2,904 million as against QR 2,838 million in 2012 and an increase of 1 percent in Gross Profit to QR 1,306 million as against QR 1,293 million in 2012.

The company has recommended the distribution of 75 percent cash dividend from the share's par value ie QR 7.5 and bonus share of 10 percent of the capital, one share for each ten shares held.

The proposed distribution is subject to the approval of the General Assembly to be held February 25, 2014 at Katara Hall. (QNA)