ACWA Power net profit jumps 36% to SAR 926.8M in H1 2024; Q2 at SAR 630.6M

04/08/2024 Argaam Exclusive

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ACWA Power Co. posted a net profit rise of 36% to SAR 926.8 million in H1 2024, from SAR 684.1 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	2,743.36	2,814.33	2.6 %
Gross Income	1,495.62	1,457.46	(2.6 %)
Operating Income	937.91	608.40	(35.1 %)
Net Income	684.14	926.79	35.5 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.93	1.27	35.5 %

The first-half net profit was bolstered by higher gross profit on higher revenue, and gains from divestment.

The renewable energy major also reported a rise in its profit share from equity-accounted investees, and higher finance income. The results were partially offset mainly by higher project development costs, increased general and administrative expenses (G&A), finance costs, as well as Zakat and tax charges.

In Q2 2024, the company’s bottom line jumped 52.2% to SAR 630.6 million from SAR 414.4 million in the second quarter of 2023 on better gross profit primarily due to higher revenue.

Meanwhile, net earnings more than doubled from SAR 296.1 million in Q1 2024. ACWA Power reported a rise in gross profit, and higher operation and maintenance revenue.

Revenue from development business and construction management services delivered to projects also increased, along with better revenue from the sale of electricity quarter-on-quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,411.92	1,562.57	10.7 %
Gross Income	794.17	836.91	5.4 %
Operating Income	510.06	358.64	(29.7 %)
Net Income	414.40	630.62	52.2 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.57	0.86	52.2 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,251.76	1,562.57	24.8 %
Gross Income	620.55	836.91	34.9 %
Operating Income	249.92	358.64	43.5 %
Net Income	296.17	630.62	112.9 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.40	0.86	112.9 %

Shareholders’ equity, after minority interest, reached SAR 20.61 billion by June 30, 2024, compared to SAR 19.02 billion in the prior-year period.

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