{"id":85829,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/08\/05\/acwa-powers-2q-2024-bottom-line-increased-52-y-o-y\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"acwa-powers-2q-2024-bottom-line-increased-52-y-o-y","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/08\/05\/acwa-powers-2q-2024-bottom-line-increased-52-y-o-y\/","title":{"rendered":"Acwa Power\u2019s 2Q 2024 bottom line increased 52% y-o-y"},"content":{"rendered":"

Saudi renewables player Acwa Power's net income increased 52% y-o-y to SAR 631 mn in 2Q<\/strong> 2024<\/strong>, according to its investor report (pdf)<\/a>. Revenues also rose 10.7% to SAR 1.6 bn during the period. <\/p>\n

Driving the rally: <\/strong>The company attributed the better performance in its bottom line to gains from divestments, higher margins from its subsidiaries, along with higher finance income (which usually includes income from interest, dividends, capital gains, and investment returns), according to a disclosure to Tadawul<\/a>.<\/p>\n

Acwa posted a 35.5% y-o-y rise in bottom line to SAR 926.8 mn in 1H 2024<\/strong>, while revenues grew 2.6% to SAR 2.8 bn.<\/span><\/p>\n

REMEMBER- Acwa sold down its stake in Uzbek projects: <\/strong>Saudi\u2019s renewables giant Acwa Power sold a 35% stake<\/a> in its Bash and Dzhankeldy 1 GW wind projects in Uzbekistan to China Southern Power Grid\u2019s global investment arm China Southern Power Grid International for SAR 595.9 mn (c. USD 158.9 mn) last month. The total investment ticket for both projects \u2014 the 500 MW Dzhankeldy wind farm and the 500 MW bash wind plant \u2014 is around USD 1.3 bn. <\/p>\n

That wasn\u2019t Acwa\u2019s only stake sale: <\/strong>In June, Hassana Investment Company signed a SAR 844 mn Share Purchase Agreement to acquire 30% of the company\u2019s shareholding in Independent Water, Steam and Power Producer Rabigh Arabian Water & Electricity Company, according to a press release<\/a>. <\/p>\n

The company\u2019s also working on R&D: <\/strong>Acwa also signed an MoU with China\u2019s Huawei Digital Power in June to develop a joint research and development program<\/a> that aims to localize photovoltaic string production tech in Saudi Arabia, maximize solar panel efficiency, and reduce costs. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company attributed bottom line gains from divestments and higher margins from its subsidiaries<\/p>\n","protected":false},"author":1,"featured_media":85830,"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":[184,105,11,159],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-acwa-power","tag-earnings-watch","tag-enterpriseclimate","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"9fd6a2ea-ae67-4e82-b5aa-2d9aecc4852b","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/202.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Acwa Power\u2019s 2Q 2024 bottom line increased 52% y-o-y","related_issue":[85815],"teaser":"The company attributed bottom line gains from divestments and higher margins from its subsidiaries","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.b74b1807-37c9-4c4b-8749-2d3bfe8dfc67.mp3"},"yoast_head":"\nAcwa Power\u2019s 2Q 2024 bottom line increased 52% y-o-y - 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