(MENAFN - Gulf Times) Qatar Electricity and Water Company (QEWC) has reported a 43% growth in its first-half net profit to QR671.76mn mainly due to robust sales and non-core earning.
Sales rose 51% to QR2.12bn whereas cost of sales grew slower at 30% to QR1.05bn, leading to an 83% jump in gross profit to QR1.08bn, according to its financial statement filed with the Qatar Exchange.
Revenue generated from electricity, which contributed 44% to QEWC sales, grew 29% to QR935.18mn. Revenue from water, with a 33% share, rose 36% to QR687.10mn and income from plant leases, which constituted 23% of QEWC sales, almost tripled to QR501.47mn.
Dividend income jumped 10% to QR12.55mn and miscellaneous income more than quadrupled to QR45.91mn, but interest income plunged 66% to QR21.03mn and other operating income by 94% to QR0.61mn.
Total assets were valued at QR21.82bn, comprising current assets of QR3.82bn and non-current assets of QR18bn.
Total equity stood at QR3.91bn on a capital base of QR1bn and earnings-per-share was QR6.72 at the end of June 30, 2011.
Mannai Corporation has reported an 11% rise in its net profit to QR140.5mn in the first six months of this year. Turnover increased by 13% to QR1.1bn, a Mannai spokesman said.
Return on equity rose to 34% against 27% for the year ended December 31, 2011.
Earnings-per-share rose to QR4.93 as on June 30, 2011 against QR4.42 in the year-ago period.
"During the first half of this year, we have started laying the foundations to capitalise on the new opportunities arising out of Qatar hosting the FIFA 2022 World Cup," Mannai CEO Alekh Grewal said.
The company diversified its earnings in line with its strategy of growing the international portfolio by acquiring a 35% stake in Axiom, the UAE-based largest pan-GCC mobile handset retailer. Besides, it also entered into partnership with UBMO for the supply of construction materials, McLaren for hotel furniture and Arthur Brett for hand-made furniture.