The ordinary general assembly of the Qatar Electricity and Water Company approved at its meeting held yesterday headed by His Excellency Eng. Saad bin Shaida Al -Kaabi, Minister of State for Energy Affairs, Chairman of the Board of Directors, to propose a distribution of cash dividends to shareholders at 78 % of the nominal value of the share, at 0.78 riyals per share, for the year ending on December 31, 2024, and approved the general budget, profit and losses, and on the report of the board of directors on the company’s activity and its center Financial and future plan and on the report of account monitors and to discharge the members of the Board of Directors.
In his speech, His Excellency Eng. Saad Sharida Al -Kaabi said in his speech, it resulted in close cooperation and coordination with the Qatar General Electricity and Water Corporation to enhance the productive capacity of the state from electricity and water, which contributed to supporting the growth of the national economy and consolidating the company’s position and its pioneering role in producing electricity and water according to the latest international specifications and efficiency standards, and in fulfilling its responsibility towards shareholders and society in line with its vision and mission.
Development of the Ras Abu Fantas project
He added, the company, in cooperation with Qatar Energy, Karamaa, and a group of international developers, signed agreements to develop the Ras Abu Fattan Energy project with a production capacity of 2400 megawatts of electricity and 110 million gallons per day of drinking water. This project will contribute to 23% of the state’s total production of electricity, and 20.4% of water production. The project is characterized by low fuel consumption rates, which supports the state’s efforts to reduce carbon emissions and create a more sustainable environment.
The company also signed the energy purchase agreement with the Qatar General Electricity and Water Corporation, paving the way for building, possession and operation of electricity generation units at peak, with a production capacity of 500 megawatts, at a total cost of about one billion and 650 million riyals.
He said this project is considered one of the most important projects that will contribute to increasing the flexibility and ability of the network to absorb and meet the demand for electricity during peak times.
In terms of external investments, the company continued to expand it in global markets and diversify its investment portfolio in the energy and renewable energy sector. She acquired solar energy projects in Brazil, and developed a project to generate electricity in Uzbekistan with a production capacity of 1,590 megawatts, as the company’s share in the project reached 35%. By the end of 2024, the assets of the Qatar Electricity and Water Company varied in a number of countries, with production capabilities of 20 GB of electricity, and 541 million gallons of water per day.
Excellent operational results
He added that the Qatar Electricity and Water Company achieved a strong operational and financial performance during the year 2024, as it maintained excellent operational results, resulting in achieving revenues of 2,999 billion Qatari riyals, and net profits of one billion and 416 million Qatari riyals.
Therefore, the company’s board of directors recommends distributing 61% of the company’s net profits, equivalent to 0.78 riyals per share.
He said, I extend my sincere thanks and great gratitude, to the shrine of Sidi, His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, “may God protect and preserve him” for his wise vision, his directives and his constant support.
I also thank the shareholders for their support for the company’s march towards achieving its goals. He highly appreciated the efforts of the members of the Board of Directors, the executive management team, and the company’s employees and companies affiliated with their great efforts, devotion and dedication.
Engineer Mohammed bin Nasser Al -Hajri, Managing Director and CEO offered the company’s board’s report: for its financial activities and results on the financial year ending on December 31, 2024 AD and the prepared according to the requirements of the Commercial Companies Law, the governance system and the rules of dealing on the stock exchange registration and listing, and the provisions of the company’s statute accompanied by the audited financial lists and clarifications, and included the report of the governance on the same The year, to document its activities, achievements, subsidiary and colleague companies, and to highlight its future vision to secure the sustainability of electrical and water supply for all public and private state facilities.