ACWA Power Reports 16% Profit Increase in First Nine Months of 2024
In a recent announcement, ACWA Power, the Saudi-listed energy and water desalination company, revealed a remarkable 16 percent increase in profits for the first nine months of 2024. This growth was supported by significant advancements in the company’s power and water production projects.
Financial Performance
ACWA Power’s net profit attributable to equity holders soared to SR1.25 billion ($334 million) during this period, driven by a 12.5 percent surge in operating income, which reached SR2.36 billion. This marks a substantial improvement from the same period in 2023.
Driving Factors
According to a company press release, the growth was primarily fueled by an investment gain from the restructuring of a project, along with a capital recycling gain. CEO Marco Arcelli emphasized the company’s commitment to growth, highlighting its portfolio of 26 projects — the largest in its 20-year history.
Project Milestones
Over the past nine months, ACWA Power achieved financial closure on seven major projects worth SR31 billion. These projects include the Taiba and Qassim Combined Cycle Gas Turbine projects in Saudi Arabia, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.
Expansion Efforts
In terms of power generation, ACWA Power added 2.4 GW of capacity during the same period. This includes the completion of the Ar Rass Solar PV project, a 700 MW solar plant finished in just 18 months. The company also secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan and 5.5 GW of solar photovoltaic capacity in Saudi Arabia.
Water Desalination
ACWA Power also made strides in water desalination, signing a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.
Future Outlook
Chief Financial Officer Abdulhameed Al-Muhaidib expressed confidence in ACWA Power’s future, citing strong project mobilization and revenue generation from operational projects. He emphasized the company’s diversified asset base, visible growth pipeline, and focus on operational excellence as key factors for sustainable, long-term financial performance.