ACWA Power 2024 profit rises 6% to SAR 1.75B; Q4 at SAR 502.2M

25/02/2025 Argaam Exclusive

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ACWA Power reported a net profit of SAR 1.75 billion for 2024, an increase of 6% from SAR 1.66 billion in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	6,095.01	6,297.30	3.3 %
Gross Income	3,495.18	3,330.59	(4.7 %)
Operating Income	2,980.89	2,982.99	0.1 %
Net Income	1,661.71	1,757.06	5.7 %
Average Shares	732.56	732.56	-
Earnings Per Share before unusual items (Riyals)	2.10	1.80	(14.6 %)
EPS (Riyals)	2.27	2.40	5.7 %

The company’s consolidated revenues for 2024 were up 3.3% year-on-year (YoY), mainly due to higher operation and maintenance revenue, higher earnings from sale of electricity, higher share in net results of equity accounted investees, gain from capital recycling and higher net finance income.

The revenue increase was partially offset by lower services income from the projects, lower gross profit on account of higher operating costs, higher project development costs on account of increased business development activity and higher general & administrative expenses in parallel with accelerated growth.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	1,809.52	1,735.53	(4.1 %)
Gross Income	1,122.08	873.34	(22.2 %)
Operating Income	877.97	617.86	(29.6 %)
Net Income	579.64	502.17	(13.4 %)
Average Shares	732.56	732.56	-
Earnings Per Share before unusual items (Riyals)	0.75	0.47	(37.0 %)
EPS (Riyals)	0.79	0.69	(13.4 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	1,747.44	1,735.53	(0.7 %)
Gross Income	999.79	873.34	(12.6 %)
Operating Income	976.28	617.86	(36.7 %)
Net Income	328.10	502.17	53.1 %
Average Shares	732.56	732.56	-
Earnings Per Share before unusual items (Riyals)	0.90	0.47	(47.4 %)
EPS (Riyals)	0.45	0.69	53.1 %

Q4 2024 net earnings fell 13% YoY to SAR 502.2 million from SAR 579.64 million.

On a quarterly basis, net profit grew 53.1% from SAR 328.1 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 21.85 billion by Dec. 31, 2024, compared to SAR 19.15 billion a year earlier.

Attached Documents

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Quarterly Actuals vs Estimates 25/02/202525/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
CARE	69.52	87.19	25.4 %
JAMJOOM PHARMA	55.80	51.60	(7.5 %)
ACWA POWER	419.00	261.17	(37.7 %)
SAUDI CERAMICS	20.00	(88.50)	(542.5 %)

Company	Estimated	Actual	Change
CARE	69.52	87.19	25.4 %

Company	Estimated	Actual	Change
SAUDI CERAMICS	20.00	(88.50)	(542.5 %)
ACWA POWER	419.00	261.17	(37.7 %)
JAMJOOM PHARMA	55.80	51.60	(7.5 %)

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