Nebras Power held its 4th annual General Assembly Meeting in its office in Burj Doha, West Bay, Doha, Qatar. The meeting was attended by all shareholders which are Qatar Electricity & Water Company (60%) and Qatar Holding (40%) and chaired by His Excellency Fahad Bin Hamad Al-Mohannadi, Chairman of the Board. Also in attendance was Mr. Khalid Mohammed Jolo, Chief Executive Officer of Nebras Power.
Mr. Fahad Bin Hamad Al Mohannadi briefed the General Assembly on the Board of Directors' report and the achievements made during 2017, praising the company's financial results in 2017, with revenues exceeding QR 476 million compared to revenues in 2016, which exceeded QR 173 million with an increase of 175%. Operating profit for the year 2017 exceeded QAR 382 million compared to 2016, which exceeded QAR 121 million, an increase of 215%.
He also discussed the ability of Nebras Power to overcome the effects of the embargo imposed on the State of Qatar by some of its neighbors where the company exited from the Saudi and UAE markets, but the company was able to find markets and other investment opportunities in South-East Asia, North America and South America and Nebras Power is considering new investment opportunities that are expected to be successfully completed in 2018.
The Chairman thanked the shareholders for their continuous support to the company and its management and stressed that the company's board of directors will continue to implement the company's plan for growth and expansion and achieve its vision to become one of the world's largest companies in the field of energy and electricity generation.
During its meeting, the General Assembly approved the matters presented to it.