ACWA Power led consortium signs Oman’s largest utility-scale Solar PV IPP
Aramex Net Profit Rises 4% in Q1 2019 Aramex recently announces its financial results for first quarter ended 31 March 2019. Aramex’s Q1-2019 Revenues grew by 4% to AED 1,234 million, compared to AED 1,190 million in Q1 2018. Net Profit for the quarter rose by 4% to reach AED 108 million, compared to AED 103 million in Q1-2018. Net profit was negatively impacted by the amount of AED 10.6 million due to the implementation of IFRS16 and currency fluctuations. “We continue to benefit from the healthy growth in global e-commerce volumes; however, we have started witnessing pressure on International Express margins due to lower and more competitive pricing,” commented Bashar Obeid, CEO, Aramex. “In Q1-2019, we continued to improve operating efficiencies and accelerated our digital transformation efforts in order to enhance service levels, especially in the last-mile delivery. These initiatives will help us win in the long-term, as we will be able to handle more capacity more efficiently and at a lower cost,” noted Iyad Kamal, COO, Aramex. Aramex’s cross-border International
12 MAY 2019
Express business grew by 7% to AED 533 million. This performance is mainly attributed to the continuous growth in cross-border e-commerce, which registered double-digit growth across most of Aramex’s markets, mainly Turkey, Asia and North America. Shipment volumes surged by 22% in Q1-2019, yet lower margins prevailed.
A consortium composed of ACWA Power, GCC-owned Gulf Investment Corporation (GIC), and Kuwait-based Alternative Energy Projects Co. (AEPCo) has executed the project agreements for the development of Ibri-2 Independent Power Producer (IPP) with the Oman Power and Water Procurement Company (OPWP). The project, to be developed on a BOO (build, own, operate) basis, includes the development, finance, construction, and operation of the 500 MWac solar PV power plant. The project will be located around 300km west of Muscat, and will contribute towards increasing power supplies in the Sultanate. OPWP awarded the project to the winning consortium following an international competitive tendering process that included 12 qualified bidders. The winning consortium submitted the best economic tariff for the electricity that will be sold to OPWP. ACWA Power is the lead investor in the project with a 50% stake, whereas GIC will have a 40% stake and AEPC will control the remaining 10%. The project will be the first utility scale solar power project in Oman and will utilize Solar PV technology to yield 500MWac of power. At peak generation capacity, the plant output will be enough to supply an estimated 33,000 homes with electricity and will offset 340,000 tonnes of carbon dioxide emissions a year. “We look forward to collaborating with our partners and Omani stakeholders to successfully complete this project,” said Paddy Padmanathan, President and CEO, ACWA Power. “Our winning bid for Ibri II Solar PV IPP is a continuation of the progress ACWA Power is making in developing and securing our clean energy footprint in the region,” said Rajit Nanda, Chief Investment Officer, ACWA Power. “GIC is proud to develop alternative and clean utility-scale solar energy project in the GCC,”remarked Meshary Al-Judaimi, Division Head of Financial Services & Utilities, GIC. “This project also demonstrated the Sultanate of Oman’s long term vision in sourcing renewable energy and encouraging investment in the sector,”commented Dr. Hassan Qassem, APECo.