Riyadh – Mubasher: The net profits of ACWA Power Company increased by 5.74% year-on-year (YoY) to SAR 1.75 billion at the end of 2024 from SAR 1.66 billion in 2023.
The Saudi group posted revenues valued at SAR 6.29 billion in 2024, an annual rise of 3.32% from SAR 6.09 billion, according to the financial statements.
Earnings per share (EPS) amounted to SAR 2.40 last year, marking a rise from SAR 2.27 in 2023.
Marco Arcelli, CEO of ACWA Power, said: “Over the past year, we added 14.30 [gigawatts] GW of energy capacity, with 10.70 GW in renewables and 0.4 million m³/day of desalinated water, with significant advancements that we expect to mature in the first part of 2025.”
“At the end of 2024, our portfolio included 94 assets with total investment cost of $97.20 billion and a total gross capacity of 69.20 GW of power generation, 5.30 GWh of BESS, and 8.10 million m³/day of desalinated water production,” Arcelli mentioned.
He noted: “2024 was a year of strategic achievements. Internationally, we entered China, marking our first projects with approximately 1.10 GW of renewable energy gradually being added to our portfolio, launched a second green hydrogen project in Uzbekistan, and expanded in Egypt, Indonesia, and Africa.”
“Domestically, the 1,500MW Sudair Solar PV IPP, the first project under the PIF-ACWA Power strategic partnership, achieved full commercial operation, supplying clean energy to 185 thousand homes and offsetting 2.50 million tons CO2 emissions,” he elaborated.
The CEO stated: “We are now working at three times the speed of just a few years ago; with over 70 new business development projects compared to around 20 only two years ago, and over $30 billion at total project cost currently under construction—a capacity equivalent to the previous 10 years combined.”
In the first nine months (9M) of 2024, ACWA Power generated net profits valued at SAR 1.25 billion, up 15.97% from SAR 1.08 billion.
