DUBAI: Qatar Electricity and Water Co (QEWC), the Gulf state's monopoly utility firm, reported a 9.3 percent rise in fourth-quarter net profit on Monday, according to Reuters calculations, beating analyst expectations.
The state-run utility made a profit of 360.5 million riyals ($99 million) in the three months to Dec. 31, compared to 329.9 million riyals 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 1.53 billion riyals in 2014, an 11 percent increase on 2013, but did not include a fourth-quarter amount.
EFG Hermes expected a profit of 331.5 million riyals, while QNB Financial Services forcast a net profit of 321.7 million riyals.
QEWC has also proposed paying a cash dividend for 2014 of 75 percent, the paper said, equivalent to 7.5 riyals per share. This would be above the 6.82 riyals the company paid in 2013, according to Thomson Reuters data.
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