(MENAFN- The Peninsula) The Qatar Electricity and Water Company (QEWC) yesterday reported a net profit of QR1.53bn ($420m) (net of non-controlling interests) for the year ended December 31, 2014, up 11 percent compared to the net profit of 2013, according to a statement.
Based on the positive results, the Board of the company has decided to offer a recommendation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 75 percent of the nominal value of the shares. Total dividend proposed for 2014 is QR825m (total paid in respect of 2013 was QR750m).
The Board yesterday held its first meeting of 2015, chaired by H E Mohamed bin Saleh Al Sada, the Minister of Energy and Industry, who is also the Chairman of the QEWC's Board of Directors.
The Board discussed the positive financial results of the company during 2014, and adopted the report of the Board for the company's activities and financial results for the year and future planned investments and the financial position for 10 years.
The Board also reviewed the offers of audit firms and adopted a recommendation to appoint auditors for 2015 in order to present it to the General Assembly which will be held on February 17.
The Board discussed developments in the company's various projects which are under construction and under review. The major projects discussed were Ras Abu Fontas (A-2) (project is near completion), construction of electricity and water station in the Qatar Economic Zone, construction of a desalination plant and industrial water treatment plant at Ras Laffan Industrial City and the construction of the Ras Abu Fontas (A-3) desalination plant.
The Board also discussed QEWC's foreign investments in power and water projects through Nebras Power QSC where QEWC owns 60 percent shares.
Nebras Power is also currently negotiating the acquisition of shares in several projects in the MENA region.
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