(MENAFN- The Peninsula) The Peninsula
DOHA: Nebras Power held its fourth annual General Assembly Meeting at its office in West Bay. The meeting was attended by all shareholders, which are Qatar Electricity & Water Company (60 percent) and Qatar Holding (40 percent). Fahad bin Hamad Al Mohannadi, Chairman of the Board, chaired the meeting. Khalid Mohammed Jolo, Chief Executive Officer of Nebras Power, also attended the event.
Addressing the meeting, Fahad bin Hamad Al Mohannadi briefed the General Assembly on the Board of Directors' report and the achievements made during 2017, praising the company's financial results in 2017, with revenues exceeding QR 476 m, an increase of 175 percent compared to the previous year. Operating profit for the year 2017 exceeded QR 382m, a year-on-year increase of 215 percent.
He also discussed the ability of Nebras Power to overcome the effects of the embargo imposed on the State of Qatar by some of its neighbors where the company exited from the Saudi and UAE markets, but the company was able to find markets and other investment opportunities in South-East Asia, North America and South America and Nebras Power is considering new investment opportunities that are expected to be successfully completed in 2018.
The Chairman thanked the shareholders for their continuous support to the company and its management and stressed that the company's board of directors will continue to implement the company's plan for growth and expansion and achieve its vision to become one of the world's largest companies in the field of energy and electricity generation. During its meeting, the General Assembly approved the matters presented to it.
Nebras Power Q.P.S.C. headquartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company (QEWC), and Qatar Holding. It is a strategic investor in the power and water sectors with a global vision. The company's target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield vs M & A development.
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