Qatar Water Electricity Co FY Net Pft +8.4% Vs Yr Earlier

Sunday, Feb 19, 2012

(This story was originally published Thursday.)

DOHA (Zawya Dow Jones)--State-owned utility Qatar Electricity and Water Co, or QEWC. a company that runs the Gulf state's power and desalination plants, reported Thursday a 8.4% rise in full year net profit to 1.29 billion Qatari riyals ($354million), from QAR1.19 billion a year earlier.

The company, which earlier in the month bought a stake in Jordan's Amman East power plant from a Bahraini infrastructure fund, said earnings per share amounted to QAR13 in 2011 versus QAR11.98 in the year before, according to a short statement posted on the Qatar Exchange website. It didn't give a reason for the rise in earnings.

The firm said its board has also recommended a dividend to shareholders of 65%, amounting to QAR6.5 per share, it said.

QEWC shares closed trading Thursday up 0.3% at QAR140.5 in broadly negative overall market.

-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com

(END) Dow Jones Newswires

19-02-12 0355GMT