Saudi Arabia’s ACWA Power, one of the world’s largest water project developers, reported a net profit of SR684.13 million ($182.30 million) for the first half of 2023, up 26.29 percent compared with SR514.72 million in the same period a year ago.
According to a bourse filing, the company attributed the rise to higher operating income and an increase in revenue contribution from existing projects that experienced outages last year in Morocco and Saudi Arabia.
The statement added that the company’s net profit for the second quarter of this year also witnessed a surge of 6.29 percent to SR414.40 million from SR389.86 million in the same period of the previous year.
The total revenue of ACWA Power stood at SR2.41 billion in the second quarter of this year and SR5.4 billion in the first half, the bourse filing noted.
“The results of the first half of the year are a reflection of our privileged position of having a solid business model, excellent talent and a passion for making a difference,” said ACWA Power CEO Marco Arcelli in a press release.
He added: “Rather than rest on our laurels, this success has driven us to even greater ambitions — to be the world’s best in the three core segments of renewable energy, water and green fuels — by the end of the decade. Now, our effort, people and finances will focus on making this dream a reality.”
Abdulhameed Al-Muhaidib, the chief financial officer of ACWA Power, said the company’s diversified business model continues to present solid future growth, with more projects coming online in the coming months.
“Our parent cash flow and balance sheet continue to remain healthy to support our immediate and visible growth pipeline,” added Al-Muhaidib.
Earlier this month, UK-based Global Water Intelligence, which publishes market reports about the water industry, revealed that ACWA Power is the world’s largest water project developer outside China.
According to GWI, ACWA Power took a significant lead on its list of top global developers in the water sector, with 6.8 million cubic meters per day and 3.2 million m3/d of gross and net capacity, respectively.