2023-11-02 13:30:23
ACWA Power, the leading energy and water desalination services company, announced on Thursday its financial results for the third quarter and the first nine months of the year, ending on September 30, 2023.
The company listed on the Saudi Stock Exchange “Tadawul” revealed that it achieved operating revenues worth 814 million Saudi riyals (216.9 million US dollars) before deducting value, losses and other expenses in the third quarter of the year, an increase of 25 percent compared to the same period last year.
The company said in a statement on Official Website “The increase in income generated by new operations and existing operations, thanks to stable operating performance compared to last year, is the main driver of this performance.”
On the other hand, the statement revealed an increase in general and administrative expenses and project development allocations during the last fiscal quarter due to an increase in business development activity, bringing the total operating income during the first nine months of the year to 2,103 million riyals, a growth of 12.4 percent compared to the same period last year.
The company’s net profit since the beginning of the year increased by 22.5 percent compared to the first nine months of 2022, reaching 1,082 million Saudi riyals.
Commenting on the financial results, Abdul Hamid Al Muhaidib, Chief Financial Officer at ACWA Power, said: “We are progressing steadily towards achieving our goals for 2023 with strong growth in projects such as delivering energy and water to the final consumer.”
Al-Muhaidib stressed that the existing cooperation between the various business units is what led to achieving net profits amounting to one billion riyals in nine months, describing this as “a wonderful achievement given the macroeconomic and geopolitical challenges surrounding us.”
For his part, Marco Arcelli, CEO of ACWA Power, said in his usual quarterly letter to shareholders, “The long and increasing waves of rising interest rates and inflation and the environment of geopolitical conflicts in the past two years, which are expected to continue until 2024, force us to maintain an element of We are cautious in our expectations at the present time and in the near future.”
ACWA Power’s goals in the clean energy sector
ACWA Power seeks to achieve leadership in the clean energy sector, as the company leads a number of renewable energy projects in several countries and regions, including Saudi Arabia, Egypt, and Uzbekistan.
ACWA Power has made significant investments in these countries to establish various renewable energy plants, which have already begun to achieve their goals, according to company data issued until the first half of the current year 2023.
Today, ACWA Power’s solar portfolio in the Kingdom of Saudi Arabia exceeds 12 gigawatts of combined photovoltaic capacity, and this includes the recent inclusion of three new projects in cooperation with Badeel, a subsidiary of the Saudi Public Investment Fund, namely Al-Ras 2, with a capacity of 2 gigawatts, and Saad 2, with a capacity of 1,125 gigawatts. And the cave for solar energy with a capacity of 1.4 gigawatts. Overall, ACWA Power’s global renewable energy capacity is about 23.4 gigawatts.
Aqua Power is a Saudi company that was established in Riyadh in 2004 before turning into one of the largest private water desalination companies in the world, as well as being one of the first companies to invest in green hydrogen.
The company’s workforce is estimated at more than 4,000 employees, and it has a strong presence in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia.
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