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Acwa Power profit surges on divestment gains

By Pramod Kumar
Acwa Power CEO Marco Arcelli said the financial results renewed confidence in pursuing the company’s ambitious growth agenda Acwa Power
Acwa Power CEO Marco Arcelli said the financial results renewed confidence in pursuing the company’s ambitious growth agenda

Saudi Arabian renewable energy company Acwa Power reported a net profit of SAR927 million ($247 million) in the first half of 2024, up 35 percent from SAR684 million a year ago.

Revenue increased by 3 percent year on year to SAR2.8 billion, driven by a gain from divestment and higher finance and other income.

The company reported a SAR402 million of development business and construction management services gain on partial divestment of its Bash and Dzhankeldy wind projects in Uzbekistan.

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In addition, the company has sold its 30 percent stake in Rawec WEC independent water, steam and power project to Hassana Investment Company for SAR844 million.

Second-quarter earnings surged 52 percent to SAR630 million from SAR414 million in the same quarter last year, driven by higher development business and construction management services delivered to projects.

Top line grew 11 percent year on year to SAR1.6 billion in the April to June period.

“Our financial results renew our confidence in pursuing our ambitious growth agenda,” said CEO Marco Arcelli.

Acwa Power reached financial close on three major projects: the Taiba and Qassim combined cycle gas turbine projects in Saudi Arabia and Hassyan IWP project in the UAE, with a combined investment of SAR18 billion.

The company has added 10.5 gigawatts of renewable power generation capacity to its development portfolio.

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