Qatar Electricity and Water Company (QEWC), the country's monopoly utility firm, reported a 9.3 per cent rise in fourth-quarter net profit on Monday, according to Reuters calculations, beating analyst expectations.

The state-run utility made a profit of QR360.5 million ($99 million) in the three months to December 31, compared to QR329.9 million ($90.5 million) 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 QR1.53 billion ($419.8 million) in 2014, an 11 per cent increase on 2013, but did not include a fourth-quarter amount.

EFG Hermes expected a profit of QR331.5 million ($91 million), while QNB Financial Services forcast a net profit of QR321.7 million ($88.2 million).

QEWC has also proposed paying a cash dividend for 2014 of 75 per cent, the paper said, equivalent to QR7.5 ($2) per share. This would be above the QR6.82 ($1.87) the company paid in 2013, according to Thomson Reuters data.-Reuters