Saudi-listed ACWA Power, the world’s largest private water desalination company, announced on Sunday its consolidated financial results for the six months ending June 30, 2024.
The company’s net profit – attributable to equity holders of the parent – reached SAR927 million, growing by 36% or SAR243 million versus the comparable period in 2023, said a statement from ACWA Power.
Operating income before impairment losses and other expenses reached SAR1,389 million in the same period, with an increase of SAR100 million.
As part of its operating income, the company reported a SAR402 million development business and construction management services gain on partial divestment of its Bash and Dzhankeldy wind projects in Uzbekistan.
During the first half of the year, the company continued to add new projects to its portfolio, including the addition of a record 10.5GW of renewable power generation capacity.
In May, the company signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan for up to 5GW Aral Wind with BESS project, which is Central Asia's largest wind farm and ACWA Power's 15th project in Uzbekistan.
In June, three PPAs were signed for large-scale PV solar projects at an aggregate total investment cost of SAR12.3 billion in Saudi Arabia with a combined capacity of 5.5GW as the fourth round of the ACWA Power-Public Investment Fund (PIF) Strategic Framework Agreement.
ACWA Power CEO Marco Arcelli stated: “Our financial results renew our confidence in pursuing our ambitious growth agenda and allow us to accelerate our mission of delivering low-cost and responsible water and power globally.”
ACWA Power CFO Abdulhameed Al Muhaidib said: “Despite the operational challenges witnessed in few assets, the diversity of our asset base as well as our business model has allowed us to grow our operating and net profit in the first six months of this year.”
ACWA Power has successfully reached financial close on three major projects, the Taiba and Qassim Combined Cycle Gas Turbine (CCGT) projects in Saudi Arabia, and the Hassyan IWP project in the UAE, with a total investment of SAR18 billion for all three.
