OREANDA-NEWS.  Board of Directors of Qatar Electricity and Water Company adopting the financial statements for the year ended December 31, 2014 The Board of Directors of Qatar Electricity an d Water held its first meeting for the year 2015 on the evening of Sunday, 25 January 2015 at the headquarters of the company, chaired by His Excellency Dr. Mohamed Bin Saleh Al-Sada, Minister of Energy & Industry Affairs and Chairman of the QEWC’s Board of Directors.

The Board discussed the positive financial results for the year ended 31 December 2014 , and the financial position as at that date which was audited by the auditors of the company M/S KPMG. The financial statements showed a net profit of QR 1,530 million (net of non-controlling interests) resulting in an increase of 11% against 2013. The Board adopted the report of the Board of Directors for the company's activities and financial results for the year 2014 and future planned investments and the company's financial position for 10 years.

The Board al so reviewed the offers of audit firms and adopted a recommendation to appoint auditors for the year 2015 in order to present it to the General Assembly which will be held on Tuesday, February 17, 2015 at The Ritz- Carlton Hotel. The Board discussed developments in the company's various projects which are under construction and under review. The major projects discussed are Ras Abu Fontas (A-2) (project is near completion), Construction of electricity and water station in the Qatar Economic Zone, Construction of a desalination plant and industrial water treatment plant at Ras Laffan Industrial City and the construction of the Ras Abu Fontas (A-3) desalination plant. The Board also discussed QEWC’s foreign investments in power and water projects through Nebras Power QSC where QEWC owns 60% shares.

Such projects are 35% share of Shams Ma’an solar power plant to be built in Ma’an, Jordan. Nebras Power is also currently negotiating the acquisition of shares in several projects in the MENA region. The Board also approved the partnership principle between QEWC and Qatar Petroleum to establish a company for building solar power plants in Qatar and the feasibility study shall be completed and submitted to the Board for approval.

The Board expressed satisfaction with the company’s financial performance, and expressed its optimism that the company will have a promising future with projects and excellent future strategies . Based on the positive results achieved, the Board has decided to offer a recommendation to the General Assembly to approve the distribution of cash dividends to shareholders, equivalent to 75% of the nominal value of the shares. Total dividend proposed for 2014 is QR 825 Million.