Saudi-listed ACWA Power, recognized as the largest private water desalination firm globally and a leader in energy transition with pioneering efforts in green hydrogen, has released its consolidated financial results for the nine months ending September 30, 2024.
The operating income before impairment losses and other expenses reached SAR 2,365 million, reflecting a 12.5% increase compared to the same period in 2023, primarily due to gains from project restructuring and capital recycling.
The net profit attributable to equity holders of the parent amounted to SAR 1,255 million for the period, marking a 16% rise compared to the previous year, driven by increased operating income, although partially offset by an impairment loss related to a long, forced outage unit.
Marco Arcelli, Chief Executive Officer of ACWA Power, stated: “Our current construction portfolio of 26 projects, the largest in our two-decade history, highlights our rapid growth through swift financial closures and the significant future cash flows anticipated from a robust, diversified, and youthful portfolio.”
Arcelli underscored ACWA Power’s unwavering commitment to continuous improvement initiatives aimed at overcoming operational challenges. He assured that these initiatives would not compromise the company’s dedication to delivering reliable and cost-effective power and water access, while striving to create positive impacts across all operational areas.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, remarked: “In the first nine months of 2024, we have experienced strong project mobilization, achieving financial closure for seven projects with a total investment of SAR 31 billion. Additionally, we have begun generating revenues from 2.2GW of projects that have reached partial or full commercial operations. Our diverse asset base, clear growth pipeline, and resilient business model, combined with our focus on operational excellence, bolster our confidence in achieving consistent and sustainable financial performance in the long run.”
The year 2024 has proven to be robust for ACWA Power in both new and existing business development. On the power front, the company continues to expand its portfolio in Uzbekistan by signing the 5GW Aral Wind PPA and has successfully closed financial agreements for the 5.5GW Solar PV PIF’s round 4 PPAs within just three months.
In the water sector, ACWA Power has finalized the WPA for the 410K m³/d Hamriyah IWP. Furthermore, the company continues to optimize its business model, exemplified by the successful extension of the Barka IWPP purchase agreements in Oman.
During this nine-month period, the company achieved financial closure for seven projects with a total investment of SAR 31 billion, which includes PIF’s round 4 Solar PV, as well as the Taiba and Qassim CCGTs in Saudi Arabia, Tashkent Solar PV in Uzbekistan, and Hassyan SWRO in the UAE.
Lastly, 2.4GW of additional capacity came online over the past nine months, highlighted by the 700MW Ar Rass Solar PV project, demonstrating ACWA Power’s capability to swiftly develop large-scale projects, completing construction in just 18 months.
Source :ACWA Power
