The net profits of renewable energy giant “ACWA Power” (2082) declined by approximately 17.5% YoY during the third quarter of this year, reaching SAR 328 million.
Details
ACWA Power, the world’s largest private desalination company, was affected by higher project development costs between July and September.
This came as the number of “ACWA Power” projects under construction reached 26, the largest in its history, according to CEO Marco Arcelli.
So what
ACWA Power revenues in the current quarter rose to around SAR 1.7 billion, marking a 13.3% YoY increase.
This growth was driven by higher revenues from maintenance, operations, and electricity sales and increased revenue from development and construction management services.
The company’s stock fell by about 3% to SAR 441.2 at market close on Thursday.
Some context
The firm recorded a 16% YoY hike in net income during the first nine months of 2024 to over SAR 1 billion.
Its revenues grew by more than 6% to SAR 4.56 billion.
Earnings per share jumped to SAR 1.71 compared to SAR 1.48 in the same period of 2023.
ACWA Power noted that it had financially closed seven projects during the nine months with a total investment cost of SAR 31 billion.
It is worth noting that the company — in which the Public Investment Fund holds about 44% stake — is a key player in realizing the renewable energy targets of the Kingdom’s “Vision 2030” strategy.
The company is also undertaking several projects outside of Saudi Arabia and plans to split its revenues equally between the domestic and international markets.
