Qatar Electricity and Water Co (QEWC), the Gulf state's monopoly utility firm, reported a 13.4 per cent rise in second-quarter net profit on Wednesday, according to Reuters calculations.

The state-run utility made a profit of QR443.56 million ($121.8 million) in the three months ending June 30 compared with QR391 million in the same period a year earlier, according to calculations based on results figures in a bourse statement.

QNB Financial Services had forecast a quarterly profit for QEWC of QR382.4 million while EFG Hermes expecting QR388.95 million.

QEWC reported a net profit for the first six months of 2016 of QR791 million, 7.3 per cent up on the QR737.2 million it made in the corresponding period of last year. – Reuters