ACWA POWER-

Acwa Power’s net income increased 5.7% y-o-y to SAR 1.8 bn in 2024, on the back of better financial management and the reversal of impairment on its Oman-based Barka plant, it said in an earnings release (pdf). The increase was partially offset by a SAR 191 mn impairment on its Morocco-based CSP plant Noor 3, higher legal provisions, and lower one-time financial gains. The renewables giant reported a 13.4% drop in net income to SAR 502 mn in 4Q.

MEANWHILE- Revenues were up 3.3% y-o-y to SAR 6.3 bn in 2024, driven by higher operation and maintenance revenue, as well as higher electricity sales. However, this was partially offset by lower services income from projects.

It has been a busy year for Acwa Power: 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.

JAMJOOM PHARMA-

Jamjoom Pharma saw its net income grow 21.9% y-o-y in 2024 to SAR 356.5 mn, according to an earnings release (pdf). Meanwhile, the company recorded a 19.8% y-o-y growth in revenues to SAR 1.32 bn. The growth was driven by market and portfolio expansion, enhanced manufacturing in Saudi and Egypt, as well as cost optimization and contributions from its Algeria joint venture.

In 4Q 2024, net income grew 16% y-o-y to SAR 51.6 mn, while revenues grew 24% y-o-y to SAR 259.7 mn.

ALSO- The company’s board greenlit a SAR 102 mn dividend distribution for 2H 2024 at SAR 1.46 per share, set to be disbursed on 11 March, it said in a disclosure to Tadawul.

NATIONAL CARE-

National Medical Care (Care) reported a 23.8% y-o-y increase in net income to SR 298.2 mn in 2024, driven by improved cost absorption, favorable Zakat expenses, and full year operations at Chronic Care Hospital after acquisition, according to an earnings release (pdf). This helped offset higher expenses and interest costs, as well as losses at Al Salam Hospital, the company said.

MEANWHILE- Revenues were up 19.6% y-o-y to SAR 1.3 bn in 2024, fueled by a higher business volume and a 14% y-o-y growth in total patient count, as well as the positive impact of Chronic Care Hospital’s acquisition.

REMEMBER- Care received last November the green light from regulators to go ahead with the full acquisition of Chronic Care Specialized Medical Hospital Co. for SAR 193 mn.

WATANIYA INS-

Wataniya Ins. reported a 21.8% y-o-y increase in net income to SAR 103.1 mn in 2024, driven by an 11.4% rise in net insurance service results and a 58.5% increase in investment returns, according to a disclosure to Tadawul. The increase was partially offset by an 85% drop in surplus from insurance pools and a 7.5% rise in operating expenses. Revenues saw a 30.3% y-o-y growth during the year to SAR 1.8 bn.

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