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Thu 27 Oct 2016 10:59 AM

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Qatar Electricity and Water says Q3 net profit up 9%

Country’s monopoly utility firm reported net profit of $121 million in the three months ending Sept 30

Qatar Electricity and Water says Q3 net profit up 9%

Qatar Electricity and Water Co (QEWC) has reported a 9 percent rise in third-quarter net profit.

The country’s monopoly utility firm reported net profit of $121 million (443m riyals) in the three months ending Sept. 30 versus $111 million (406.4m) riyals a year earlier.

QEWC said in its bourse statement that the nine-month net profit was $337 million (1.23 billion riyals), up from $313 million (1.14 billion riyals) a year ago.

The company has a number of projects under construction, including the Umm Al Houl Power Project, one of the largest electricity and water desalination projects in the in the region, which has reached 66% completion.

Nebras Power Company, a joint venture among QEWC, Qatar Petroleum International and Qatar Holding that handles international projects, started commercial operations with the Shams Ma’an Power project in Jordan in September this year. The plant, largest photovoltaic solar power plant in the Middle East, will sell electricity to National Electric Power Company (Nepco) in Jordan as part of its 20-year power purchase agreement.

Nebras Power, which has previously announced plans to invest in the broader Middle East, Southeast Asia, Africa and Europe, recently  signed a memorandum of understanding with Japan’s Marubeni Corporation to invest in the power generation and water desalination projects around the world. A separate deal was signed with Mitsubishi Corporation, Marubeni and Chubu Electric Power to look at the possibility of developing Turkey’s Afsin Elbistan project with a planned 4,500MW capacity.

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