Acwa Power, Rivian, and Lucid post their FY 2024 earnings

Saudi Arabia’s Acwa Power’s net income attributable to shareholders dropped 13.4% y-o-y in 4Q to SAR 502 mn, according to an investor report (pdf) issued on Tuesday on Tadawul. The renewables giant reported a 5.7% y-o-y increase in net income to SAR 1.8 bn in 2024, driven by a higher share of net results from equity-accounted investees, gains from capital recycling, and increased net finance income.

On the up and up: Revenues edged up 3.3% y-o-y to SAR 6.3 bn in 2024, supported by higher operation and maintenance revenue and increased electricity sales — partially offset by lower services income from projects.

It has been a busy year: The company reached financial closure on nine fully and partially-owned projects in 2024, with SAR 34.6 bn in total investments. These include Egypt’s SAR 4.1 bn Suez Wind project closed in December, the SAR 1.1 bn Azerbaijan wind IPP in November, and the Nukuk Wind IPP in Uzbekistan, closed in October with SAR 400 mn in investments. All three projects were fully owned by Acwa at the time.

2025 is poised to be productive: Acwa plans to announce new solar and wind projects with a combined capacity of 15 GW before the end of April, Chief Investment and Development Officer Thomas Brostrom told AGBI this week. The projects will fall under Acwa’s contract to supply 70% of the Kingdom’s renewable energy needs, with the capacity to power over 11 mn homes. The company’s total assets currently stand at USD 107.5 bn, with a target of USD 250 bn by 2030. Most of the funding will be from commercial banks and development finance institutions, AGBI reported.

RIVIAN-

Abdel Latif Jameel-backed EVs maker Rivian’s net losses for 4Q dropped to USD 743 mn, a 51.2% decrease y-o-y based on our calculations, according to a shareholders’ letter (pdf). The company’s revenues for the same period climbed 32%, in our calculation, to reach USD 1.7 bn. The figures were mainly driven by a sales growth in its two segments — automotive and software and services.

On a yearly basis: The company’s revenues recorded about USD 1.7 bn in FY 2024, up from some USD 1.3 bn in FY 2023. It also cut its y-o-y net loss by some 13%, in our calculation, to USD 4.7 bn in the same period, on the back of improved gross profit margins from its two segments, improved credits sales, as well as revenue from its new software services venture.

REMEMBER- German automaker VW raised its investment in Rivian to USD 5.8 bn late last year to establish a joint venture leveraging Rivian’s software advantages to provide software services for other EV makers.

Looking ahead: The EV maker expects to deliver between 46K-51K EVs this year, falling short of Wall Street analysts’ estimates of around 54.8K, Bloomberg reported on Thursday. The forecast accounts for possible policy shifts under Trump, who has pledged to roll back measures supporting EV adoption and to impose steep tariffs that could drive up costs across the industry, CEO RJ Scaringe told Bloomberg on Thursday.

ICYMI- Rivian lowered its annual production forecast by over 14% back in October due to parts shortage and demand slowdown.

LUCID MOTORS-

Saudi-backed Lucid Motors revenues saw a 49% increase y-o-y in 4Q 2024 reaching USD 234.5 mn, according to its earnings release (pdf) issued Wednesday. Net losses for the quarter came in at USD 636.9 mn.

For FY 2024, Lucid revenues jumped to USD 807.8 mn, about 36% y-o-y increase in our calculation, while its net loss attributable to shareholders for the full year widened about 11% y-o-y, in our calculation, reaching USD 3.1 bn.

2024 in numbers: The company slightly went over its annual production target of 9k vehicles, with about 3.4k deliveries in 4Q. Its deliveries for the year also exceeded 10k, almost a 71% increase from FY 2023.

Looking ahead: Lucid aims to double production in 2025 to around 20k vehicles. Meanwhile, the company experienced a leadership shift, with CEO Peter Rawlinson stepping down and COO Marc Winterhoff taking over as interim CEO. Lucid is also designing a smaller, more affordable market vehicle at its Arizona facility and has a new factory under construction in Saudi Arabia, set to begin production in 2026, the Financial Times reported on Wednesday.