Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, today announced its consolidated financial results for the nine months ended 30 September 2024.
Operating income before impairment losses and other expenses reached SAR 2,365 million, 12.5% higher compared to the same period in 2023 mainly on account of an investment gain in restructuring of a project, along with a capital recycling gain. The Company’s net profit—attributable to equity holders of the parent—reached SAR 1,255 million for the period, 16% higher compared to the same period in 2023 mainly on account of higher operating income partially offset by mainly the impairment loss in a long, forced outage unit.
Marco Arcelli, Chief Executive Officer of ACWA Power, said: "The 26 projects currently in our construction portfolio, the largest in our 20-year history, demonstrates both the speed in realizing our growth through swift financial closes and on the other hand the scale of future cash flows from a robust, diversified and young portfolio."
Mr. Arcelli emphasised that ACWA Power remains steadfast in its commitment to ongoing improvement initiatives to address operational challenges. He affirmed that these efforts will not deter the company's dedication to providing reliable, cost-effective power and water access, while aiming to create positive impacts in all areas of operation.
Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, said: "During the 9 months of 2024, we have witnessed strong project mobilization as we achieved the financial close for 7 projects with a total investment cost of SAR 31 billion. We have also witnessed new generation revenues from 2.2GW of projects achieving partial or full commercial operations. Our diversified asset base, highly visible growth pipeline, and resilient business model, along with our ongoing efforts toward operational excellence, gives us the confidence in achieving steady, sustainable financial performance over the long term."
2024 has proved to be a strong year for ACWA Power in the new and existing business development space. On the power side, the Company continues to grow its portfolio in Uzbekistan by signing the 5GW Aral Wind PPA, the Company has also signed the 5.5GW Solar PV PIF’s round 4 PPAs and brought them to financial close within just 3 months. On the water side, the Company has signed the WPA for the 410K m3/d Hamriyah IWP. Additionally, the Company continues to optimize through its business model, demonstrated by the successful extension of the Barka IWPP purchase agreements in Oman.
During the 9 months, the Company has also achieved the financial close for 7 projects with a total investment cost of SAR 31 billion including PIF’s round 4 Solar PV along with Taiba and Qassim CCGTs in Saudi Arabia, Tashkent Solar PV in Uzbekistan, and Hassyan SWRO in the UAE.
Finally, 2.4GW of incremental capacity came online over the past 9 months, highlighted by the 700MW Ar Rass Solar PV, which showcases ACWA Power’s ability to rapidly develop large-scale projects, completing construction in just 18 months.
