ACWA Power (2082) saw its net profits jump approximately 52% YoY in the second quarter of 2024 to reach SAR 630.6 million.
This exceeds previous analyst profit forecasts of SAR 454.5 million.
Strong Performance
ACWA, one of the world’s leading energy transformation developers, saw its revenues swell from April to June.
Additionally, there was an increase in its asset disposal profits and a hike in its share from equity-accounted investments.
So what
ACWA Power’s quarterly revenues rose to SAR 1.56 billion, an increase of about 10.7% compared to the second quarter of 2023.
The company attributed this mainly to the following:
- Growth in maintenance and operations revenues
- Increased revenues from development and construction management services
- Higher electricity sales revenues
Notably, the Saudi giant is known for developing and operating a range of power generation and water desalination plants.
Its current portfolio includes 90 operational plants under construction or in advanced stages of development.
Its investment value stands at USD 94 billion, according to its website.
The company employs more than 4,000 people, with local employment constituting 60%.
It operates in 13 countries across the Middle East, North and South Africa, and Southeast Asia.
Some context
The company’s net profits grew by almost 36% YoY in the first six months of this year, recording SAR 927 million.
Its revenues during this period increased by 2.6% to SAR 2.8 billion.
