ACWA Power announces its financial results for the full year ended 31 December 2024

- Stable profit amid unprecedented business growth

- 9 financial closes achieved with a total investment cost of SAR 34.6 billion

-10 new contracted capacity agreements signed adding 14.3 GW of power and 0.4 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 consolidated financial results for the full year ended 31 December 2024.

Operating income before impairment losses and other expenses stood at SAR 2,983 million amid unprecedented business growth, while net profit—attributable to equity holders of the parent—reached SAR 1,757 million for the period, 5.7% higher compared to the same period in 2023.

During 2024, the Company added 14.3 GW of energy capacity, with 10.7 GW in renewables and 0.4 million m³/day of desalinated water, with a portfolio at the end of 2024 of 94 assets with total investment cost of USD 97 billion and a total gross capacity of 69.2 GW of power generation, 5.3 GWh of BESS, and 8.1 million m³/day of desalinated water production.

ACWA Power’s consolidated financial statements for the full year ended 31 Dec 2024 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 Tuesday 25 February 2025 at 16:00 KSA / 13:00 GMT.