Nebras Energy (QEWS) Q2 2024 earnings summary

Executive summary

• Integration of Nebras Power into the group was completed in July 2024, aligning personnel, systems, and processes for operational synergies and a stronger knowledge base.

• Revenue for H1 2024 was QAR 1,430.98 million, up from QAR 1,379.65 million year-over-year.

• Net profit for H1 2024 was QAR 679.65 million, down from QAR 768.58 million in H1 2023.

• Total comprehensive income attributable to owners was QAR 956.49 million, up from QAR 611.31 million year-over-year.

• The Board approved and paid a cash dividend of QAR 946 million for 2023.

Financial highlights

• H1 2024 revenue reached QAR 1.4 billion, up 4% year-over-year.

• H1 2024 EBITDA was QAR 670 million, down 12% year-over-year, mainly due to non-recurring items in the prior year.

• H1 2024 net profit was QAR 680 million, 12% lower than H1 2023.

• H1 2024 EPS was QAR 0.62, compared to QAR 0.70 in H1 2023.

• Gross profit for H1 2024 was QAR 459.14 million, up from QAR 433.23 million year-over-year.

Outlook and guidance

• Board meeting and EGM scheduled to approve interim dividends; announcement expected soon.

• Five-year plan targets a 50% renewable energy mix in international operations by 2028.

• New capacity of 1.1 GW expected online in 2026, with another 1.1 GW in H1 2027; outstanding CapEx contribution is approximately $100 million.

• Reorganization aims to enhance operational synergies and support growth in Qatar and internationally.

• Results for the six-month period are not necessarily indicative of the full year ending 31 December 2024.