Qatar
Electricity & Water Company, the Middle East’s second-biggest utility by
market capitalisation, reported a 41 percent increase in second-quarter
profit on Tuesday, beating estimates, as demand for power and water rose.
Net income
jumped to QR444 million ($122 million) from QR315 million a
year earlier, the company said in a statement posted on the Qatar
Exchange.
The mean estimate of four analysts was for profit of QR369
million, according to data compiled by Bloomberg. Sales rose to
QR1.2 billion from QR808 million.
Qatar
Electricity & Water is expanding outside its home base, teaming up
with Marubeni Corp, Chubu Electric Power Co and Multitech to build
a 2,000-megawatt plant in Oman.
Qatar Electricity’s general manager
Fahad al-Mohannadi said in May the company had “pre-qualified” for a
project in Dubai.
The shares
fell 1.5 percent to 133 riyals on the Qatar Exchange on Tuesday. The stock
has risen 4.2 percent this year compared with a 7 percent decline in the
benchmark QE Index.
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