Qatar's utility firm reports 41% rise in Q2

Qatar Electricity & Water Company, the Middle East’s second-biggest utility by market capitalisation, reported a 41 percent increase in second-quarter profit on Tuesday, beating estimates, as demand for power and water rose. Net income jumped to QR444 million ($122 million) from QR315 million a year earlier, the company said in a statement posted on the Qatar Exchange. The mean estimate of four analysts was for profit of QR369 million, according to data compiled by Bloomberg. Sales rose to QR1.2 billion from QR808 million. Qatar Electricity & Water is expanding outside its home base, teaming up with Marubeni Corp, Chubu Electric Power Co and Multitech to build a 2,000-megawatt plant in Oman. Qatar Electricity’s general manager Fahad al-Mohannadi said in May the company had “pre-qualified” for a project in Dubai.The shares fell 1.5 percent to 133 riyals on the Qatar Exchange on Tuesday. The stock has risen 4.2 percent this year compared with a 7 percent decline in the benchmark QE Index. From / Arabian Business News