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Qatar Utility QEWC Q4 Net Profit Gains 9.3%, Beats Estimates

Qatar Utility QEWC Q4 Net Profit Gains 9.3%, Beats Estimates

The state-run utility made a profit of QAR360.5 million ($99 million) in the three months to Dec. 31.

Qatar Electricity and Water Co (QEWC), the Gulf state’s monopoly utility firm, reported a 9.3 per cent rise in fourth-quarter net profit on Monday, according to Reuters calculations, beating analyst expectations.

The state-run utility made a profit of QAR360.5 million ($99 million) in the three months to Dec. 31, compared to QAR329.9 million in the prior-year period.

Reuters calculated the figure based on a local newspaper report which cited the full-year earnings statement of the company. The report, in Gulf Times, said QEWC made QAR1.53 billion in 2014, an 11 per cent increase on 2013, but did not include a fourth-quarter amount.

EFG Hermes expected a profit of QAR331.5 million, while QNB Financial Services forcast a net profit of QAR321.7 million.

QEWC has also proposed paying a cash dividend for 2014 of 75 per cent, the paper said, equivalent to QAR7.5 per share. This would be above the QAR6.82 the company paid in 2013, according to Thomson Reuters data.

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