Saudi-based electric power generation company ACWA Power has announced its consolidated financial results for the first half of 2024, ending June 30. The company reported a net profit of SAR 927 million, marking a 36% increase from the same period in 2023.
Operating income before impairment losses and other expenses reached SAR 1,389 million, with a gain of SAR 100 million. Notably, the company earned SAR 402 million from development business and construction management services by partially divesting its Uzbekistan wind projects.
ACWA Power added 10.5GW of renewable power generation capacity in the first half of this year. Key projects included a Power Purchase Agreement with Uzbekistan for a 5GW wind farm and three solar PV projects in Saudi Arabia totalling 5.5GW, part of its strategic partnership with the Public Investment Fund.
“Our financial results renew our confidence in pursuing our ambitious growth agenda and allow us to accelerate our mission of delivering low-cost and responsible water and power globally,” said Marco Arcelli, CEO of ACWA Power.
The company achieved financial closure on major projects in Saudi Arabia and the UAE, with a total investment of SAR 18 billion. Several projects, including solar PV and water desalination plants, are now fully operational or nearing full capacity.
On June 10, 2024, ACWA Power’s Board of Directors recommended a capital increase of SAR 7,125 million through a Rights Issue to support its growth strategy of tripling assets under management to USD 250 billion by 2030.
ACWA Power’s interim financial statements and investor reports are available on its Investor Relations page. The company will host a conference call on August 4, 2024, to discuss the financial results and business updates.
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