https://arab.news/8ev37
RIYADH: Saudi utility giant ACWA Power witnessed a net profit of SR1.75 billion ($466 million) in 2024, representing an annual rise of 5.74 percent.
According to a Tadawul statement, this growth in profit was driven by heightened operation and maintenance revenue, and increased earnings from the sale of electricity.
The company revealed the rise was also driven by a higher share in net results of equity-accounted investees, gain from capital recycling, and increased net finance income.
The announcement came just a few days after the Tadawul-listed firm strengthened its portfolio by acquiring stakes worth $693 million in power generation and water desalination companies in Bahrain and Kuwait.
Reflecting on the positive financial result, ACWA Power CEO Marco Arcelli said: “I am incredibly proud of what we have accomplished together. The year has been one of transformation, progress, and scaling up as we continue to push forward on our journey toward 2030 and beyond.”
The company’s overall revenue for 2024 stood at SR6.29 billion, marking a rise of 3.32 percent compared to the previous year, according to the Tadawul statement.
It added that the revenue increase was partially offset by lower service income from projects and lower gross profit on account of higher operating costs.
The utility firm reported an operational profit of SR2.98 billion, while total comprehensive income stood at SR3.02 billion.
In the fourth quarter, ACWA Power’s net profit stood at SR500 million, representing a 13 percent year-on-year decline.
The organization’s fourth quarter net profit grew by 53.1 percent compared to the previous three months.
The statement added that total shareholders’ equity, after minority interest, stood at SR21.85 billion by Dec. 31, compared to SR19.15 billion a year prior.
Earlier this month, ACWA Power signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.
In January, the company also strengthened its position in China’s renewable energy sector with two major agreements valued at $312 million.
The deals include a 132 megawatts solar photovoltaic portfolio in Guangdong province and a 200 MW wind energy project.