Higher operating income and share of profits from joint ventures as well as better cost management helped the Qatar Electricity and Water Company (QEWC) register a 3% jump in January-June net profit to QR737.15mn.
Revenue grew more than 1% to QR1.42bn; whereas cost of sales fell 3% to QR782.87mn, leading to more than 7% jump in gross profit to QR637.29mn, according to its financial statement filed with the Qatar Stock Exchange.
Although other income shrank 63% to QR30.77mn, the company’s operating profit rose 2% to QR579.09mn as general and administrative expenses were brought down by 17% to QR88.98mn.
Although share of profits of associates fell 35% to QR5.83mn; its share of profit of joint ventures grew 13% to QR210.78mn and net finance costs shrank 7% to QR39.51mn; thus translating as a 5% increase in profit from continuing operations to QR756.18mn.
Total assets were valued at QR12.89bn comprising current assets of QR2.38bn and non-current assets of QR10.51bn.
Total equity stood at QR6.89bn on a capital base of QR1.1bn and earnings-per-share was QR6.87 at the end of first half of this year ended June 30.
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