ACWA Power 9M 2024 net profit up to SAR 1.25B; Q3 at SAR 328.1M

ACWA Power reported a net profit of SAR 1.25 billion for the first nine months of 2024, an increase from SAR 1.08 billion in the year-earlier period.

In the nine-months period, the company reported higher revenue from electricity sales, as well as from operation and maintenance activities. Additionally, there was growth in development business and construction management services driven by ongoing projects.

Meanwhile, gross profit inched up due to higher revenue, along with an increase in the share of net results from equity-accounted investees and gains from divestments.

However, these positive factors were partially offset by higher development costs, provisions, and write-offs, as well as increased general and administrative expenses, impairment losses, and other expenses.

Net earnings for Q3 2024 fell 17.6% year-on-year (YoY) to SAR 328.1 million from SAR 397.94 million in Q3 2023. This was due to higher development costs, provisions, and write-offs, as well as increased general and administrative expenses, impairment losses, and other expenses.

On a quarterly basis, net profit decreased 48% from SAR 630.62 million.

Total shareholders’ equity, after minority interest, stood at SAR 18.52 billion by Sept. 30, 2024, compared to SAR 21.66 billion in the prior-year period.

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