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QEWC shareholders approve proposed cash dividend

QEWC cash dividend

The firm seeks to implement all projects in line with local and international environmental standards

Qatar Electricity and Water Company (QEWC) approved to distribute cash dividends to shareholders for the fiscal year 2020 at 77.5 percent of the nominal value of the share, media reports said. 

The cash dividend distribution was proposed by QEWC’s board of directors. Last year, the company posted a net profit of QR1.41bn, down 8 percent from 2018. Its earnings per share stood at QR1.29, media reports said. 

Last month, the company signed a Memorandum of Agreement with General Electric to develop local talent in the energy sector

Director & General Manager of QEWC Fahad Hamad al-Mohannadi, told the media, “As Qatar focuses on strengthening its power infrastructure, it is important to build up the leadership capabilities and technical knowledge of our people around state-of-the-art solutions. GE is a globally recognised industrial leader in the power generation sector and this new agreement between our organisations will help our employees gain advanced skills to drive the transformation of Qatar’s power industry.” 

Currently, the electricity and water sector is supporting Qatar’s economy through seamless coordination between QEWC  and Kahramaa, regulating and maintaining the supply of electricity and water in the country. In 2019, QEWC had carried out various projects. Of those projects Umm Al Houl Energy is the most significant, media reports said. 

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