The Board of Directors of the Qatar Electricity and Water Company yesterday, headed by His Excellency Engineer Saad bin Sherida Al Kaabi, Minister of State for Energy Affairs, and in the presence of Engineer Mohammed bin Nasser Al-Hajri, Director General and Managing Director, approved the financial results for the first quarter of 2022 AD.
The company achieved revenues of 565 million riyals in the first quarter of 2022 AD (a decrease of 6% compared to the same period in 2021 AD) and a net profit of 389 million riyals, compared to a net profit of 372 million riyals for the same period in 2021 AD.
During the year 2022, the market share of the Qatar Electricity and Water Company in the State of Qatar reached 67% in the electricity supply and 72% in desalinated water.
It also continued to focus on renewable energy through Siraj Energy, and aims to expand into international markets through its subsidiary Nebras Energy.
According to Moody’s, QEWC is in an excellent financial position with a strong credit rating of “A1” with a stable outlook.
The Qatar Electricity and Water Company owns and operates (7) power and water desalination plants in Qatar. It also partners with international companies to own and operate 5 other electricity and water production companies in Qatar. It also invests in energy and water assets worldwide through the Nebras Power Company. Despite the global effects of the Covid-19 pandemic, the company’s operations remained stable during the first quarter of 2022 AD.
The Siraj 1 solar energy plant project, which is the latest project of the Qatar Electricity and Water Company and the first of its kind to produce electricity using photovoltaic technology in the State of Qatar.
The project is being implemented by a Special Purposes Authority (“SPV”) 60% owned by Siraj Energy Company (Siraj Energy Joint Venture (“JV”) 49% owned by Qatar Electricity and Water Company and 51% by Qatar Petroleum) and the other 40% It is owned by a joint consortium of Marubeni Corp (Japan) and Total Solar International (France).
Kahramaa intends to construct a new power and water production plant (Facility E) in Ras Abu Fontas complex by 2024-2025. The plant is expected to have a capacity of 2,600 megawatts and 100 million gallons of desalinated water, and it is expected that the Qatar Electricity and Water Company will own 55% of the project’s shares.
The total capacity of the Qatar Electricity and Water Company, in addition to its joint projects, is 10,590 megawatts of electricity and 543 million gallons of desalinated water. In addition, Nebras Power owns, on an average equity basis, projects outside the State of Qatar that produce more than 2,000 megawatts of electrical energy through a mixture of of natural gas, coal and solar energy.
The Qatar Electricity and Water Company achieved revenues of 565 million riyals, compared to 601 million riyals during the same period in 2021. The operating profit amounted to 332 million riyals, compared to 277 million riyals during the same period in 2021. This strong performance achieved net profits (attributable to the company’s shareholders) of 389 million riyals (earnings per share: 0.35 riyals), compared to 372 million riyals (earnings per share: 0.34 riyals) for the same period in 2021.
Cash flows from operations are still strong compared to the same period of the previous year, as Qatar Electricity and Water Company recorded operating cash flows of 443 million Qatari riyals, compared to operating cash flows of 297 million Qatari riyals in the same period of the previous year.
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