Riyadh – Mubasher: ACWA Power Company logged net profits valued at SAR 427.15 million in the first quarter (Q1) of 2025, higher by 44.22% than SAR 296.17 million in Q1-24.
Revenues increased by 57.15% year-on-year (YoY) to SAR 1.96 billion in Q1-25 from SAR 1.25 billion, according to the financial results.
Earnings per share (EPS) grew to SAR 0.58 as of 31 March 2025 from SAR 0.41 a year earlier.
This quarterly revenues climbed by 13.35% from SAR 1.73 billion in Q4-24, while the net profits dropped by 14.93% from SAR 502.16 million.
Operating income before impairment losses and other expenses hiked by 117% to SAR 870 million, driven by higher development business and construction management services income.
Marco Arcelli, Chief Executive Officer of ACWA Power, commented: "We achieved significant growth in operating income and net profit, underpinned by the foundation we've laid for growing revenue streams."
"In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination,” he noted.
As of 31 December 2024, the Saudi company generated 5.74% YoY higher net profits at SAR 1.75 billion.
