Skip to content Skip to Search
Skip navigation

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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

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.

Latest articles

Saudi hotel llicences. Hajj pilgrims from Indonesia at a hotel in Mecca. Pilgrimages form a large part of Saudi Arabia's tourism goals

Saudi Arabia scraps hotel licence fees to draw investment

Saudi Arabia has removed licensing fees for hotels and resorts in a further effort to increase tourism and improve the kingdom’s investment environment.  The Ministry of Tourism and Ministry of Municipalities and Housing said they would ask hotel establishments to reapply for operating licences online. The decision applies to hotels, hotel apartments and residential resorts.  […]

Mubadala Getir New York

Mubadala applies to take full control of Turkey’s Getir

The Abu Dhabi sovereign wealth fund Mubadala has formally applied to take full control of the Turkish grocery delivery startup Getir. Mubadala had taken a majority controlling stake in the company in June this year as part of a restructuring programme, with a capital injection of $250 million. The filing to take over Getir was […]

PIF spending Yasir Al-Rumayyan

PIF spending to hit $70bn a year early, says IMF

Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official.  PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a […]