Qatar Electricity Water Co said yesterday it expected second quarter net income to rise 20 percent, which would be its third-highest quarterly profit on record, according to Reuters data.

The state-controlled utility said net profit in the first half would rise to QR403m from QR349m in the same period last year, it said in a preliminary earnings statement on the Doha bourse website.

It did not give a reason for the gain or breakdown its results.

Reuters calculated the second-quarter earnings of QR259.74m ($71.38m), based on previous financial statements, a 19.69 percent rise. Qatar Electricity made QR143.26m in the first quarter of this year.

The company said earnings per share increased to QR4.03 in the first half from QR3.49 in the same period last year.

Qatar, the world’s

largest exporter of liquefied natural gas, is seeing an increase in demand for electricity and water as its population grows at a rate of two percent annually.