Nebras Energy (QEWS) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached QAR 834 million, up from QAR 798 million in Q3 2023, with net profit at QAR 509 million versus QAR 340 million year-over-year.

• Nine-month 2024 revenue was QAR 2,265 million, a 4% increase year-over-year, and net profit attributable to owners was QAR 1,189 million, up from QAR 1,109 million.

• Operations in Qatar contributed 95.9% of consolidated revenue and 71.9% of consolidated profits for the period.

• The interim financial information received an unqualified review conclusion from the independent auditors.

Financial highlights

• EBITDA for the nine months rose 5% to QAR 1,017 million, with an EBITDA margin of 45%.

• Gross profit for the nine months increased to QAR 716 million from QAR 663 million, despite higher operating costs.

• Earnings per share for the nine months was QAR 1.08, up from QAR 1.01 last year.

• Net profit margin for YTD Sep 2024 was 53%, up from 51% in the prior year.

• Cash and cash equivalents at period end were QAR 1,293 million, down from QAR 2,140 million at the end of the prior period.

Outlook and guidance

• Finance costs are expected to remain consistent, excluding FX gains/losses, after significant debt repayment at the corporate level.

• Dividend policy remains unchanged, with payout expected to be similar to last year, subject to board approval and year-end results.

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