Riyadh – Mubasher: ACWA Power Company achieved net profits amounting to SAR 926.79 million in the first half (H1) of 2024, up 32.06% year-on-year (YoY) from SAR 684.13 million.

The revenues hit SAR 2.81 billion in H1-24, higher by 2.58% than SAR 2.74 billion in the first six months (6M) of 2023, according to the interim financial results.

Earnings per share (EPS) increased to SAR 1.27 as of 30 June 2024 from SAR 0.93 in H1-23.

Income Results for Q2-24

In the second quarter (Q2) of 2024, ACWA Power posted 52.17% YoY higher net profits at SAR 630.62 million, versus SAR 414.40 million.

Revenues surged by 10.66% to SAR 1.56 billion in the three-month period that ended on 30 June 2024 from SAR 1.41 billion in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 jumped by 112.92% from SAR 296.17 million in Q1-24. Meanwhile, the revenues climbed by 24.82% from SAR 1.25 billion.

Marco Arcelli, CEO of ACWA Power, commented: “During the past quarter, ACWA Power has witnessed significant progress in the delivery of our Strategy 2.0 by signing numerous milestone contracts in the new business development, supply chain management, and capital recycling areas.”

“In May, we announced the signing of a power purchase agreement (PPA) in Uzbekistan with the “National Electric Grid of Uzbekistan” for the Aral 5GW Wind + BESS independent power project (IPP),” Arcelli said.

He added: “As Central Asia’s largest wind farm and ACWA Power’s 15th project in Uzbekistan, Aral Wind IPP solidifies our strong commitment to enable Uzbekistan to meet its ambitious goals to transform its energy mix.”

“In June, we announced the signing of three PPAs for three large-scale PV solar projects in the western and northern regions of Saudi Arabia with an aggregate production capacity of 5.5GW representing the fourth round under the ACWA Power-PIF strategic framework agreement (PIF pipeline)," the CEO highlighted.  

Arcelli mentioned: “In Uzbekistan, we fulfilled the conditions precedent for the sale of 35% of our effective share capital in the two wind project companies for a combined 1 GW of capacity to China Southern Power Grid International (HK) Company Limited.”