Qatar Electricity and Water Company (QEWC) reported a net profit of QR 1.7 billion in 2022 - the company's highest-ever net profit, compared to QR 1.4 billion in 2021. QEWC stated that earnings per share amounted to QR 1.56 in 2022, up from QR 1.33 in 2021, in a statement on Sunday,
The statement added that the company's Board of Directors during its meeting today under the chairmanship of the Minister of State for Energy Affairs HE Eng. Saad bin Sherida Al Kaabi recommended distributing cash dividends at a value of QR 0.95, which is the highest since the company's founding, to be approved at the Annual Shareholders General Assembly on March 14, 2023.
The total cash dividends proposed to be distributed equals to QR 1.45 million, which is equivalent to 61 percent of net profits.
The statement explained that QEWC achieved the revenue of QR 2.7 billion in the fiscal year 2022, an increase of 10 percent compared to 2021, which at that time amounted to QR 2.4 billion.
It added that in 2022, QEWC's market share in Qatar in the supply of electricity was 61 percent and desalinated water was 71 percent.
QEWC was established in 1990, with the aim of owning and managing power generation and water desalination plants and selling their products. It is one of the first private sector companies in the region that works in the field of electricity production and water desalination. The companys capital upon incorporation amounted to QR1 billion, and is a company listed on the Qatar Stock Exchange.
