Hello, and welcome to the Qatar Electricity and Water Company Conference Call. I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Bobby Sarkar to begin the conference. Bobby, over to you.
Thank you, operator. Hello, everyone. This is Bobby Sarkar, Head of Research at QNB Financial Services. I wanted to welcome everyone to Qatar Electricity and Water Company's fourth quarter and year-end 2023 results conference call. On this call, we have Narayana Rao , who is the Acting Finance Manager at QEWC, and Gojy Augustine , who is the Head of Management Accounts. We will conduct this conference with the management first reviewing the company's results, followed by a Q&A.
I would like to now turn the call over to Narayana. Narayana, please go ahead.
Yeah. As-salamu alaykum, and good morning to everybody. I'm Narayana Rao, Acting Finance Manager of Qatar Electricity and Water Company. As you know, we had our board meeting on February 14, and we declared results immediately after the board meeting. QEWC had a total revenue of QAR 2,911 million compared to last year. It is a 7% increase, and profit is QAR 1,551 million. It is actually a reduction of 9% compared to last year. Last year, as you know, we had so many things, which is not recurring in nature. Mainly, QAR 255 million we accounted last year against the 40% purchase of the Nebras ownership to become 100% owner of the Nebras Power. Due to PPA valuation and all those things, we had a profit of QAR 255 million in the case of Nebras, w e made higher profits last year.
This year also, we sold our 49% ownership in the Siraj Energy to QatarEnergy. Due to that, we made QAR 78 million during the year. If we deduct these two things, QAR 255 million from last year, QAR 78 million from this year, that is QAR 1,473 million versus QAR 1,456 million, 1.2% increase in the profit. Mainly these two major items, if we deduct. Of course, I'm just telling for the comparison. There is not much change in sent out water or power and availability. Sent out power, as shown in our presentation, it is 0.4% decrease, and sent out water is 0.2%. Available is almost same. Again, QEWC retained its rating as A1 stable with a stable outlook, and the company's performance is always showing improvement, and our asset structure also looks well.
If you look into stock market, our market capitalization is QAR 20.68 billion as of the year-end. Dividend, if you look into last year, we paid QAR 0.95 per share. This year, it has come down to QAR 0.86 per share. If you see our profit, it has come down by 9% compared to last year. Dividend also equivalent, 9%, it has come down. QAR 0.86 is the QAR 0.95, - 9% on that. We maintain that rate. It is coming to around 61% on the profit earned by the company. Our total capacity of the company is, compliance of the company remains the same, 6,264 MW on equity basis and 394 MIGD of water. In Nebras also, we have got around 2,639 MW equity.
That is proportionate equivalent of the capacity. Of that operational capacity is 1,056 MW, and capacity of the plants under construction is 683 MW. This is about the general things on the company. Now, coming to the performance of the company. Revenue increased by 7%. Of course, as last year we explained it is similar to the last year, first half year, we did not have Nebras consolidation. At that time, it is treated as a joint venture company. This first half year, Nebras fully consolidated. Because of this, comparison becomes a little difficult. Nebras, if you want to compare properly, we have to deduct half year performance figures of the Nebras. If we do that, it is only 4.83% increase, QAR 284.0 million against QAR 272.1 million.
This small increase of QAR 119 million is because of a revision of PPA for RAF B1 plant. Cost of goods sold gone up by 14%, but if you deduct that Nebras first half, it is only 11%. This is also mainly because of higher gas cost of B1 and A1. A1 because of the revision of the. Our contract expired last year, as you know. Then new contract we entered into Kahramaa, where our gas cost is little higher side. That's the major reason. And depreciation has gone up by around QAR 50 million. Mainly it is QAR 36 million. Last year, we had a reduction because of our change in policy of treating the inventories portion of the inventory we regroup it into fixed assets. So many things have been done under the new policy on the inventory provision, et cetera.
There, we had a reduction of QAR 36 million last year. That's the major reason, because of some increase in depreciation during the year. And other income is concerned, it is QAR 618 million versus QAR 612 million , small reduction. Sorry, QAR 678 million , QAR 612 million , QAR 67 million reduction is there in other income. Yeah, 11% around. Yeah. Here, we have got so many things which has to be excluded for the real comparison. Interest cost gone up by QAR 135 million. Reason is very well known, because of the LIBOR and SOFR rates have gone up during the year. And profit on sale of the Siraj , QAR 78 million is there this year. Last year, QAR 250 million Nebras related, which I explained already.
And last year, we had a loss of QAR 86 million by sale of Lusail land, and around QAR 47 million higher dividend, et cetera. If you make adjustment to all these things, it is QAR 428 million versus QAR 443 million , which is not a big difference, just a QAR 15 million variation. G&A is concerned, it is QAR 285 million versus QAR 298 million . Looks like a 4% variation. This is actually not a real variation because Nebras H1, we have to deduct QAR 43 million. If we take out and impairment, last year we had around QAR 83 million impairment on RAF A1. Sorry, not RAF A1, sorry. RAF B1 and Blue Conference, QAR 83 million impairment was there. This year we have got some expected credit losses on this receivable from Ukraine, which is around QAR 27 million, which has taken under G&A.
If you make all adjustment to this, it is just QAR 215 million versus QAR 215 million , almost exactly matching G&A expenditure is concerned. There is no major variation at all. Finance cost is concerned, it is QAR 507 million versus QAR 287 million . If we deduct the H1 cost of Nebras, it is QAR 399 million versus QAR 287 million , only 39% increase. This is well known because of the SOFR and LIBOR contributed a lot for the increase in the finance cost, as well as finance income during the year. Share of JV and associated companies, if you see there in our presentation, it is QAR 665 million versus QAR 672 million . Only QAR 7 million decrease.
Last year's first half of Nebras came in the JV, afterwards only consolidation started. If I deduct that, and this year's includes Nebras, first half includes the JV companies of Nebras here, which is not there last year. Last year it includes Siraj Energy profit of QAR 10 million, which is not there this year. Last year it includes the deferred revenue of UHP. It is one time income of around QAR 114 million. If we deduct all those things, we will make adjustment for all this. It is a QAR 92 million reduction this year. This is mainly because of lower charge rates in RGPC for the year and some O&M at RGPC and UHP, et cetera. I think I explained almost all the heads under the P&L.
Now, coming to more explanations given in our presentation also. If you go to the quarterly performance, quarterly revenue has come down from QAR 810 million to QAR 733 million, around 10%. It is mainly because of the drop, the recognition method, as we explained in our earlier quarterly investor calls also. We changed the procedure. This year it is uniformly spreaded over various. Last year it used to fall in the last quarter. Because of that, some reduction is there in the revenue in the last quarter. Gross profit, of course, very small, not a significant difference.
If you look into the share of profit from JVs, there also big reduction is there, mainly as I explained already. Umm Al Houl Power, QAR 114 million deferred revenue accounted last year under this head. That's the major reason. Higher other income is mainly because of the reversal of provision for Nebras Ukraine assets by QAR 38 million. In Nebras, what happened is, in Ukraine, of course, all of you are much interested to know about what is going on in Ukraine.