News

Read our latest news and press releases

Shamal Az-Zour Al-Oula Power and Water Company’s Board of Directors recommends a cash dividend payout of 25 fils per share


Kuwait, August 12, 2020: Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P’s Board of Directors has issued a recommendation, during its meeting on 6 August 2020, for a cash dividend payout of 25 fils per share, subject to lenders’ approval. This will be the Company’s first dividend and relates to the retained earnings for the period from 2017 to 2019. The Company, scheduled to list its shares on Boursa Kuwait’s Premier Market on 16 August 2020, plans to hold an Annual General Meeting (“AGM”) of shareholders following listing. The dividend recommendation, following lenders’ approval, will be on the AGM agenda for shareholders’ approval.

3-Year Financial highlights:

  • Revenue: 2017: KWD 46.2 million, 2018: KWD 51.2 million, 2019: KWD 51.1 million
  • Operating Costs: 2017: KWD 14.1 million, 2018: KWD 14.2 million, 2019: KWD 14.8 million
  • Net Profit: 2017: KWD 17.8 million, 2018: KWD 12.1 million, 2019: KWD 12.3 million

Shamal Az-Zour is the first power generation and water desalination company and the first Public-Private Partnership (“PPP”) project to be listed in Kuwait. 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 K.S.C.P. is Kuwait’s first company 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. Power and water produced by the Company is 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 (“ECWPA”).

– Ends –
Media contact:

Fawaz Al Sirri – Bensirri Public Relations – Mobile: +965-66622448 – Email: fawaz@bensirri.com

Latest News


12 April 2021

Shamal Az-Zour Al-Oula Power and Water Company Holds Annual General Meeting

Today, Shamal Az-Zour Al-Oula Power and Water Company K.S.C. (Public) held its Annual General Meeting (AGM) for the fiscal year-end on 31 December 2020. The...
21 February 2021

Shamal Az-Zour Al-Oula Power and Water Company Holds Extraordinary General Meeting

Today, Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P. held an Extraordinary General Meeting (EGM). The company’s shareholders approved the Board of Directors’ recommendation to...
17 September 2020

Shamal Az-Zour Al-Oula Power and Water Company’s Shareholders Approve Board’s Recommendation to Issue Cash Dividends Distribution of 25 Fils per Share for 2019

Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P. today held its 6th Annual General Meeting. Shareholders approved the Board of Directors’ recommendation to distribute cash...
top