Doha: The Board of Directors of Qatar Electricity and Water Company held its second meeting for the year 2020 yesterday, chaired by Minister of Energy Affairs and Chairman of the QEWC’s Board of Directors, H E Saad bin Sharida Al Kaabi, through visual communication technology.
The Board discussed the positive financial results for the Quarter ended March 31, 2020, and the financial position as at that date which was reviewed by the auditors of the company Ernst & Young. The financial statements witnessed a net profit of QR320m (net of non-controlling interests) against QR309m for the same period of the year 2019. The Earning per Share (EPS) amounted QR0.29 in 2020 compared to QR0.28 for the same period of the year 2019.
The first quarter of the year 2020 showed sales of QR599m compared to QR539m for the same period of the year 2019.
The Board also discussed the precautions taken by QEWC and its group companies to confront the outbreak of the coronavirus and its effect on generation and desalination plants. In line with Qatar’s efforts to combat the spread of the virus, QEWC will ensure continued production of electricity and water with high efficiency during the summer period The Board expressed satisfaction with the company’s financial performance, and expressed its optimism that the company will have a promising future with projects and excellent future strategies.
