ACWA Power achieves $78.93mln net profits to owners in Q1-24

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Riyadh – ACWA Power Company recorded a 9.80% annual increase to net profit to the equityholders at SAR 296.17 million during the first quarter (Q1) of 2024, compared with SAR 269.73 million.

The revenues, meanwhile, decreased by 5.98% to SAR 1.25 billion during January-March 2024 from SAR 1.33 billion in the same three months (3M) in 2023, according to the income statement.

The earnings per share (EPS) rose to SAR 0.41 at the end of March 2024 from SAR 0.37 in the same period a year earlier.

CEO of ACWA Power, Marco Arcelli, said: “As expected, we have made a steady start to our first quarter in new business development.”

Arcelli added: “I am pleased to report our entry into a new market, with the signing of a water purchase agreement (WPA) in Senegal for the construction of 400,000 cubic metres (m3)/day water desalination plant in Dakar, Senegal. This will be the first desalination project in the country to be facilitated through a public-private partnership and represents a significant step in addressing the water challenges in SubSaharan Africa.”

On a quarterly basis, the Q1-24 net profits to the owners of ACWA Power were 48.90% lower than SAR 579.63 million in Q4-23, while the revenues shrank by 30.82% from SAR 1.80 billion.

The CEO noted: “Our portfolio expansion in Uzbekistan continued. At the end of March, we signed the power purchase agreement (PPA) for the Nukus2 200 megawatt (MW) wind power project along with battery energy storage system (BESS). This marks our 14th project in Uzbekistan and underscores our dedication to supporting the country’s renewable energy goals.”

As of 31 March 2024, the listed firm reported total assets of SAR 57.34 billion, compared to SAR 55.01 billion as of 31 December 2023.

In 2023, the company posted net profits worth SAR 1.66 billion and revenues of SAR 6.09 billion.