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Kuwait PPP developer recommends cash dividends of 25 fils

KUWAIT CITY, August 12, 2020

Shamal Az-Zour Al-Oula Power and Water Company, the first power generation and water desalination company and the first public-private partnership (PPP) project to be listed in Kuwait, said its board of directors has recommended a cash dividend payout of 25 fils per share. 
 
This will be the company’s first dividend and relates to the retained earnings for the period from 2017 to 2019 and is subject to lenders’ approval, said the statement from the Kuwait group. 
 
The announcement for a cash dividend payout was made during the company's board meeting last week.
 
The Kuwait PPP firm's revenue for the last three years was KD46.2 million in 2017 which rose to KD51.2 million in 2018 and remined steady at KD 51.1 million last year.
 
Its net profit for 2017 stood at KD17.8 million, while the next year it dropped to KD12.1 million and improved slightly to KD12.3 million in 2019.
 
Shamal Az-Zour Al-Oula Power and Water Company is scheduled to list its shares on Boursa Kuwait’s Premier Market on Sunday (August 16) and will then hold an AGM to discuss the dividend recommendation.
 
NBK Capital is the listing advisor. The listing follows the successful distribution of 50% of the company's shares to Kuwaiti citizens during the last quarter of 2019, which was oversubscribed by 1.27x and attracted more than to 127,000 investors. 
 
The remaining 50% of shares are owned by different public and private entities as follows: 40% is owned by a private investor Azour North One Holding Company K.S.C.C, which is owned by a consortium comprising ENGIE, Sumitomo Corporation and A.H. Al Sagar & Brothers; and 10% is owned by the Kuwait Investment Authority and the Public Institution for Social Security, each with a 5% ownership.
 
Shamal Az-Zour Al-Oula Power and Water Company is Kuwait’s first to be established under the Independent Water and Power Plant (IWPP) Law. The company operates the Az-Zour North One Power and Water Plant, which commenced commercial operations in November 2016. 
 
The plant supplies about 10% of Kuwait’s installed power capacity and 20% of Kuwait’s water desalination capacity, said the Kuwaiti utility firm in its statement. 
 
The power and water generated by the company is being entirely supplied to the national power and water grid operated by the Kuwait Ministry of Electricity and Water under a 40-year long-term Energy Conversion and Water Purchase Agreement, it added.-TradeArabia News Service



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