ACWA Power’s profits rise to SAR 630.6 million in Q2, by 52%

ACWA Power’s net profit rose to SAR 630.6 million during the second quarter of 2024 compared to SAR 414.4 million in the same quarter last year by 52.1%, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

The operating profit amounted to SAR 990.2 million in the second quarter compared to SAR 729.8 million in the same quarter of the previous year, an increase of 35.6%.

The earnings per share in the current period reached SAR 1.27 compared to SAR 0.93 in the same period last year.

According to the company, ACWA Power’s consolidated revenues increased in the second quarter of 2024 compared to the second quarter of 2023, mainly due to:

• (1) Increase in maintenance and operation revenues
• (2) Increase in development and construction management services revenues from projects.

Net profit attributable to shareholders of the parent company also increased in the second quarter of 2024 compared to the second quarter of 2023, mainly due to:

• (1) Increase in gross profit, mainly due to increased revenues
• (2) Gains from divestment of assets
• (3) Increase in share in the results of companies invested in using the equity method
• (4) Increase in financial revenues.

These increases were partially offset by:

• (1) Increase in project development costs
• (2) Increase in general and administrative expenses
• (3) Increase in financing expenses
• (4) Increase in zakat and income tax expenses.

ACWA Power’s consolidated revenues also increased in the second quarter of 2024 compared to the first quarter of 2024, mainly due to:

• (1) Increase in maintenance and operation revenues
• (2) Increase in development and construction management services revenues from projects
• (3) Increase in electricity sales revenues.

As for the net profit attributable to shareholders of the parent company in the second quarter of 2024 compared to the first quarter of 2024, this increase is mainly due to:

• (1) Increase in gross profit due to higher revenues
• (2) Gains from divestment of assets
• (3) Increase in share in the results of companies invested in using the equity method
• (4) Calculating the impairment loss for the previous quarter

Which was partially offset by:

• (1) Increase in project development costs
• (2) Increase in general and administrative expenses
• (3) Increase in financing expenses
• (4) Decrease in other revenues