ACWA Power announces its financial results for the first quarter ended 31 March 2025
· Accelerated new business development across all verticals
· 7 additional assets adding 9.7 GW of power and 1.4 million m³/day of water to the portfolio
Riyadh, Saudi Arabia: Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, announced its interim financial results for the first quarter ended 31 March 2025.
Operating income before impairment losses and other expenses increased by 117% reaching SAR 870 million, driven by higher development business and construction management services income, while net profit—attributable to equity holders of the parent—reached SAR 427 million for the period, 44% higher compared to the same period in 2024.
"In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination." added Marco Arcelli, Chief Executive Officer of ACWA Power.
“Once this acquisition is complete expected in 2025, we will further strengthen our stable, visible revenue and cash flow streams,” added Abdulhameed Al Muhaidib.
During the first quarter, the Company added 9.7 GW of energy capacity and 1.4 million m³/day of desalinated water. The portfolio now includes 101 assets with total investment cost of USD 107 billion and a total gross capacity of 78.9 GW of power generation, 5.3 GWh of BESS, and 9.5 million m³/day of desalinated water production.
Additionally, the Company achieved key milestones as 4 projects come into operation, namely, the 2.1 GW Al Shuaiba 2 and the 91 MW Laylaa Solar PV IPPs in Saudi Arabia, along with the 500MW each Bash and Dzhankeldy wind IPPs in Uzbekistan. The Noor 3 CSP also resumed operations subsequently in April following an extended outage that was experienced last year.
ACWA Power’s interim financial statements for the first quarter ended 31 Mar 2025 issued by KPMG Professional Services (the company’s Certified Public Accountants), along with the Investor Report including a management’s discussion and analysis on the financial results, are available on the company’s Investor Relations page at http://acwapower.com/en/investor-relations/
The company will host a conference call discussing financial results and business updates on Thursday 8 May 2025 at 17:30 KSA / 14:30 GMT.