Doha, Qatar: 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 31st December 2023.
QEWC reported revenue of QR2,911m in FY 2023 (increase of 7% compared to FY2022) compared to QR2,721m during the same period in 2022. Operating profits amounted to QR1,336m compared to QR1,199m during the same period in 2022. This strong performance generated a net profit (attributable to the equity holders of the company) of QR1,551m (EPS: QR1.41) compared to the QR1,711m (EPS: QR1.56) during 2022.
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 QR0.86 to be approved at the Annual Shareholders General Assembly on 10 March 2024.
The total dividend payment will be QR946m, which is 61% of the net profit of the company.
