{"id":84121,"date":"2024-05-13T00:00:00","date_gmt":"2024-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/13\/acwa-powers-net-income-ticks-up-in-1q-while-dewa-posts-a-14-drop\/"},"modified":"2024-05-13T00:00:00","modified_gmt":"2024-05-13T00:00:00","slug":"acwa-powers-net-income-ticks-up-in-1q-while-dewa-posts-a-14-drop","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/13\/acwa-powers-net-income-ticks-up-in-1q-while-dewa-posts-a-14-drop\/","title":{"rendered":"Acwa Power\u2019s net income ticks up in 1Q while Dewa posts a 14% drop"},"content":{"rendered":"

Acwa Power\u2019s net income grew 9.8% <\/strong>y-o-y<\/strong> to SAR 296.2 mn in 1Q 2024 <\/strong>on the back of higher income from the recycling of hedge reserves after the discontinuation of some hedging contracts, it said in an earnings release (pdf)<\/a>. Its revenues were down 6% y-o-y to SAR 1.3 bn due to lower development and construction management fees and lower finance lease income due to a forced interruption of service at one of its plants in Morocco.<\/p>\n

A busy 1Q:<\/strong> Some of the highlights by the renewables giant during the quarter included signing of a water purchase agreement for Senegal\u2019s first desalination project<\/a> under a public-private partnership and a power purchase agreement for Uzbekistan\u2019s<\/a>Nukus2<\/a><\/a> 200 MW wind farm and battery energy storage system. Acwa Power also received<\/a> the commercial operation certificate to begin operating the third and final phase of its 1.5 GW Sudair solar project. It also received a similar certificate<\/a> for its Al Taweelah desalination plant in Abu Dhabi. It also achieved financial close<\/a> for the solar-powered Hassyan water desalination project in Dubai.<\/p>\n

Acwa said a forced outage at its Nooro 3 solar plant in Morocco<\/strong> due to technical issues at the molten salt tank saw it take a charge for an SAR 109.3 mn impairment. The plant will remain out of operation until the end of the year, it said. Acwa also said that unprecedented rainfall in the UAE in April led to \u201climited disruptions\u201d in operations, without providing further details.<\/p>\n

\n

DUBAI ELECTRICITY AND WATER AUTHORITY-<\/p>\n

Dewa\u2019s bottom line fell 14% in 1Q:<\/strong> Dubai Electricity and Water Authority (Dewa) posted a 14% y-o-y decline in net income to AED 650.8 mn in 1Q 2024, according to the authority\u2019s financial statements (pdf)<\/a>. <\/p>\n

Dewa\u2019s revenue climbed 6.5% y-o-y,<\/strong> increasing to AED 5.8 bn during the quarter. The authority attributed the solid revenues to a growth in electricity, water and cooling services demand, Dewa said in its earnings release (pdf)<\/a>. <\/p>\n

What they said:<\/strong> \u201cThe high demand growth of 6.4% in electricity and 5.9% in water have contributed to exceptional operating results in this quarter\u2026 reflected in 11.6% increase in operating income of the group,\u201d Dewa CEO Saeed Mohammed Al Tayer said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Acwa\u2019s revenues were down 6% y-o-y to SAR 1.3 bn<\/p>\n","protected":false},"author":1,"featured_media":84122,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[106],"tags":[184,154,105,11,159,52],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-acwa-power","tag-dewa","tag-earnings-watch","tag-enterpriseclimate","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"2f2daa57-77a1-4663-b3d4-256a201473fd","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/887.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Acwa Power\u2019s net income ticks up in 1Q while Dewa posts a 14% drop","related_issue":[84109],"teaser":"Acwa\u2019s revenues were down 6% y-o-y to SAR 1.3 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.7890d581-8c4a-497a-88e6-7ce74e1f6ad5.mp3"},"yoast_head":"\nAcwa Power\u2019s net income ticks up in 1Q while Dewa posts a 14% drop - 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