Empower reports lower bottom line in 3Q 2024 + Lucid Motors losses widen

EMPOWER-

The Emirates Central Cooling Systems (Empower) saw its net income fall 6% y-o-y to 264.9 mn in 3Q, while it recorded a 5.3% increase in revenue y-o-y for to reach AED 1.1 bn, according to a financial statement (pdf).

On a 9M basis, Empower recorded a net income of AED 68.5 mn, up 4.4% from the same period last year. Meanwhile its revenues hit AED 2.5 bn, up 8% y-o-y.

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ACWA POWER-

Renewables giant Acwa Power turned to the red in 3Q 2024, reporting a net loss of SAR 2.1 bn down from a net income of SAR 2.5 bn during the same quarter last year, it said in an earnings release (pdf). The company pinned the drop on higher development costs and administrative expenses. Meanwhile, revenues were up 13.3% y-o-y to SAR 1.7 bn supported by higher income from electricity and construction management services.

On a 9M basis: Acwa Power reported SAR 312.9 mn in net losses during the first nine months of the year (compared to SAR 3.6 bn in net income in 9M 2023), while revenues were up 6.4% y-o-y to SAR 4.6 bn.

LUCID MOTORS-

PIF-backed Lucid Motors’ losses widened to USD 992.5 mn in 3Q 2024, from a USD 630.9 mn loss during the same period last year, the firm said in an earnings release (pdf). Despite the lower bottom line, the luxury EV maker logged 45.2% growth in revenues to USD 200 mn on the back of a 90.9% y-o-y increase in car deliveries that saw it hand over keys for 2,781 Lucid Airs. Third quarter revenues narrowly exceeded projections of USD 198 mn, Reuters reported citing LSEG data.

On a 9M basis: The firm’s losses widened to USD 2.32 bn in the first nine months of the year, compared to a USD 2.17 bn loss during the same period last year. Meanwhile, revenues climbed 30.9% at USD 573.4 mn.

PIF extended multiple lifelines: Lucid raised USD 1.75 bnduring the quarter in a follow-on public offering, with the tally including proceeds from PIF’s purchase of an added 374.7 mn shares in a private placement as part of a USD 1.5 bn arrangement that also included an additional USD 750 mn through an unsecured delayed draw term loan facility.