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

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.

Marco Arcelli, Chief Executive Officer of ACWA Power said: “We are very pleased with the results achieved in 2024. We are well on track to achieve the targets of tripling the size by 2030, and despite the costs ahead of the curve to accelerate investments we have maintained a solid profitability. Our unprecedented portfolio growth in 2024 included our entry into China and the launch of our second green hydrogen project, while confirming ACWA Power as the largest private desalination company and a global leader in energy transition with over 69 GW of capacity.” 

“While we remain committed to being the best employer, a thought leader in our industry, and the preferred partner in every region we serve, we never lose sight of our mission, which extends far beyond powering the communities—it is about making a lasting contribution and creating a sustainable future for generations to come,” he added.

Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, expressed his confidence in the scale and speed of the company’s growth: ” During the year, we maintained stability in profits amid exceptional business growth. With the successful completion of 9 financial closes in 2024, amounting to a total investment of SAR 34.6 billion, we have over SAR 100 billion under construction – the largest portfolio in our history.”

Mr. Al Muhaidib added, “We maintained our stable financial performance in the middle of this unprecedented growth in new businesses, which will begin bringing in new income and cash streams as they gradually achieve their critical project milestones and commercial operation dates”.

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.