QEWC Posts Net Profit Of QR1,416M In 2024

2025-02-06 02:46:18

(MENAFN- The Peninsula) The Peninsula

Doha: Under the chairmanship of H E Saad bin Sherida Al Kaabi, Minister of State for energy Affairs, yesterday, the Board of Directors (“BOD”) of QEWC approved the financial results for the year ended on December 31, 2024.

QEWC reported revenue of QR2,999m compared to QR2,911m during the same period in 2023 profits amounted to QR1,205m compared to QR1,319m during the same period in 2023.

This strong performance generated a net profit (attributable to the equity holders of the company) of QR1,416m (EPS: QR1.29) compared to the QR1,551m (EPS: QR1.41)during 2023.

During the year, QEWC market share in Qatar in the supply of electricity was 61% and desalinated water was 71%.

QEWC remains to be in an excellent financial position with a strong credit rating of 'A1' with stable outlook from Moody's.

The BOD has recommended a dividend per share of QR0.53 for the second half of the year, bringing the total dividend to QR0.78 per share during the year, to be approved at the Annual Shareholders General Assembly on February 26, 2025.

The total dividend payment for the year will be QR858m, which is 61% of the net profit of the company.

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