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.
| 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.
| 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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