Nebras Energy (QEWS) Q4 2024 earnings summary

Executive summary

• Net profit for 2024 was QAR 1,416 million, a 9% decrease year-over-year, with revenue up 3% to QAR 2,999 million.

• Total dividend proposed for 2024 is QAR 0.78 per share, amounting to QAR 858 million, pending shareholder approval.

• The Group operates power and water production assets in Qatar and internationally, with significant joint ventures and associates.

• Operations in Qatar account for 96% of revenue and 84% of profit, with the remainder from international subsidiaries and associates.

• Consolidated financial statements present a true and fair view in accordance with IFRS, as confirmed by independent auditors.

Financial highlights

• EBITDA for 2024 was QAR 1,320 million, a 1% decrease from the prior year due to lower fuel savings and higher maintenance costs.

• Earnings per share for 2024 was QAR 1.29, compared to QAR 1.41 in 2023.

• Net profit margin declined from 53% in 2023 to 47% in 2024.

• Total assets at year-end were QAR 22,744.0 million, with equity attributable to owners at QAR 15,359.8 million.

• Cash and cash equivalents at year-end were QAR 1,286.7 million, down from QAR 2,154.0 million.

Outlook and guidance

• Growth CapEx is expected to remain elevated over the next three years due to major projects like Facility E and the peaking unit.

• International projects under construction are expected to start contributing income and cash flow from 2026 and 2027.

• Major new projects in Qatar and internationally are underway, including Ras Abu Fontas Power Company and peaking power generation projects.

• International expansion includes increased stakes in Jordanian plants, new projects in Uzbekistan, Bangladesh, UK, and Brazil.

• No further capital injections from Qatar into international projects are planned unless transformational opportunities arise.