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ACWA Power announces 2023 financials, dividends; capital raise, SAR 3.4bn project unveiled

ACWA Power announces 2023 financials, dividends; capital raise, SAR 3.4bn project unveiled
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Riyadh – Mubasher: ACWA Power Company posted an annual growth of 7.90% in net profit to SAR 1.66 billion as of 31 December 2023, compared to SAR 1.54 billion.

Revenues jumped by 15.52% to SAR 6.09 billion in 2023 from SAR 5.27 billion a year earlier, according to the annual financial results.

Earnings per share (EPS) increased to SAR 2.27 last year from SAR 2.11 in 2022.

Marco Arcelli, CEO of ACWA Power, commented: “We launched the second green ammonia project in Uzbekistan; it took us three years to develop Neom Green Hydrogen Project but only one year to break the ground for ACWA Power’s next green hydrogen project.”

“2024 will be the first full year of execution for the new growth strategy with its new and increased targets and our performance in 2023 is promising,” Arcelli noted.

The CEO underlined: “We know we have ambitious tasks to deliver across our business verticals in multiple geographies including China, where our teams are conducting due diligence on 5 to 8 identified projects, and I expect us to announce the first one in a few months.”


The board of ACWA Power recommended cash dividends valued at SAR 328.99 million, accounting for 4.50% of the company’s capital, for 2023.

A dividend of SAR 0.45 per share will be granted to 731.09 million eligible shareholders.

Meanwhile, the eligibility and distribution dates will be unveiled at a later time.

Capital Increase

During the same board meeting that was held on 28 February, the members proposed a 0.20% capital raise to SAR 7.32 billion from SAR 7.31 billion.

ACWA Power will issue one bonus share for every 500 owned shares to implement the transaction, which supports its strategic growth plans. Hence, it will capitalise SAR 14.62 million from the retained earnings account and distribute bonus shares in return.

The new capital will be distributed over 732.56 million shares, instead of 731.09 million shares.

Agreement for Hassyan IWP Plant in Dubai

The Saudi company inked a financing agreement for the Hassyan IWP plant at a total investment of SAR 3.44 billion ($919.62 million).

Established in Dubai, the plant will generate 818,280 cubic meters per day (m3/day).

ACWA Power holds a 20.40% shareholding in the project company, Hassyan Water Company.

The joint project will witness the participation of local as well as international commercial lenders, including Standard Chartered Bank, MUFG BANK, LTD, Emirates NBD, Korea Development Bank, Commercial Bank of Dubai (CBD), Abu Dhabi Commercial Bank (ADCB), and more.

It is worth highlighting that the agreement was signed on 28 February 2024 for nearly 32 and a half years.

The deal’s guarantees are limited to ACWA Power’s equity bridge loan, early generation revenue amounts, standby equity, and reserve account.