Riyadh, August 5, 2024 – ACWA Power announced its financial results for the first half of 2024, achieving a net profit of SAR 927 million, a 36% increase (SAR 243 million) compared to the same period in 2023. Operating revenue before impairment and other expenses for the first six months of this year reached SAR 1.389 billion, an increase of SAR 100 million.
The company reported SAR 402 million in revenue from development and construction management services, resulting from partial divestments of the “Bash” and “Dazhnkeldi” wind projects in Uzbekistan.
In H1 2024, ACWA Power made significant progress in business development, adding 10.5 gigawatts of renewable energy capacity to its portfolio. In May 2024, the company signed a power purchase agreement with Uzbekistan’s national grid for the “Aral” independent wind power project, with a capacity of 5 gigawatts and an energy storage system. “Aral” is set to be the largest wind power plant in Central Asia and ACWA Power’s fifteenth project in Uzbekistan.
In June 2024, ACWA Power signed three power purchase agreements for large-scale photovoltaic solar projects in Saudi Arabia, with a total investment of SAR 12.3 billion and a production capacity of 5.5 gigawatts, as part of the fourth round of the strategic framework agreement with the Public Investment Fund.
CEO Marco Arcelli stated, “Our financial results reaffirm our confidence in achieving our ambitious growth goals, enabling us to provide water and energy responsibly and at the lowest possible cost globally.”
CFO Abdulhamid Al-Muhaideb added, “Despite operational challenges in several projects, our diverse portfolio and successful business model have enabled us to grow our operating revenues and net profits in the first half of this year.”
ACWA Power also achieved financial closure on three major projects: the “Taiba” and “Qassim” combined cycle gas turbine plants in Saudi Arabia, and the “Hassyan” independent water desalination plant in the UAE, with a total investment of SAR 18 billion for these three projects combined.
