https://arab.news/cevjf
RIYADH: ACWA Power, the Saudi-listed energy and water desalination company, has announced a 16 percent increase in its profits for the first nine months of 2024, underpinned by significant progress in its power and water production projects.
For the period, ACWA Power鈥檚 net profit attributable to equity holders reached SR1.25 billion ($334 million), a rise fueled by a 12.5 percent increase in operating income, which reached SR2.36 billion.
This marks a strong improvement from the same period in 2023. According to a company press release, the growth was primarily driven by an investment gain from the restructuring of a project, alongside a capital recycling gain.
ACWA Power鈥檚 CEO, Marco Arcelli, highlighted the company鈥檚 commitment to growth, noting that its portfolio now includes 26 projects 鈥� the largest in its 20-year history.
鈥淭hese projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,鈥� Arcelli said.
He reiterated the company鈥檚 focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations.
Over the past nine months, ACWA Power successfully achieved financial closure on seven major projects worth SR31 billion. These include 抖阴短视频鈥檚 Taiba and Qassim Combined Cycle Gas Turbine projects, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.
The company鈥檚 expansion in power generation is also evident, having added 2.4 GW of capacity during the same period, including the Ar Rass Solar PV project, a 700 MW solar plant that was completed in just 18 months.
On the renewable energy front, ACWA Power secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan, as well as 5.5 GW of solar photovoltaic capacity as part of 抖阴短视频鈥檚 fourth round of Public Investment Fund projects.
In water desalination, the company signed a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.
Abdulhameed Al-Muhaidib, ACWA Power鈥檚 Chief Financial Officer, expressed confidence in the company鈥檚 future, stating, 鈥淚n the first nine months of 2024, we saw strong project mobilization, achieving financial closure on seven projects worth SR31 billion. We also began generating revenue from 2.2 GW of projects that reached partial or full commercial operation.鈥�
He added: 鈥淥ur diversified asset base, visible growth pipeline, and resilient business model, combined with our focus on operational excellence, give us confidence in achieving sustainable, long-term financial performance.鈥�