Font Size

- Aa +

Tue 2 Mar 2010 10:58 AM

Font Size

- Aa +

QEWC posts 22% rise in net profits in 2009

Qatar utility eyes power and water projects in other GCC countries to diversify sources of income.

QEWC posts 22% rise in net profits in 2009
MONEYMAKER: QEWC said sales rose by 17 percent and gross profits increased by 20 percent in 2009.

The Qatar Electricity and Water Company (QEWC), the Gulf nation’s state-run utility, has posted a 22 percent rise in net profits during 2009, on the back of favourable economic conditions in the country.

Sales rose by 17 percent and gross profits increased by 20 percent in 2009, the company said.

“With a new power plant already functioning in Mesaieed (M-Power) at more than 50% of its overall capacity and another major plant expected to be commissioned in Ras Girtas later this year, the company is bound to improve its performance in the coming year too,” said Qatari Minister for Energy and Industry Abdullah bin Hamad al-Attiyah.

QEWC says that when Ras Girtas comes online, it will be the largest power and water plant in the Gulf region. The site is 85 percent complete and is expected to begin operations in April 2011.

Al Attiyah also revealed that QEWC would also look at investing in power and water projects in other GCC countries to diversify the firm’s sources of income.

QEWC has already submitted a bid for the Barka and Sohar plants in Oman in conjunction with two Japanese companies.