Acwa Power reported a record net profit of $442 million for FY 2023, an 8% increase from the previous year, driven by higher operating income and significant contributions from new projects. Chief Financial Officer Abdulhameed AlMuhaidib: “Acwa Power’s results in 2023 is a demonstration of our strong business model fundamentals and the resilience of our balance sheet against high interest rate and inflation environment.”
Acwa Power, leading figure in global energy transition and water desalination, announced its outstanding financial results for the fiscal year 2023, marking a significant milestone in its journey. The company’s net profit soared to SAR1.66 billion ($442 million), an 8% increase over the previous year, propelled by a 14% rise in operating income to SAR2.98 billion ($772 million).
The company’s success was primarily due to the enhanced availability of its plants, the fruition of its supply reliability programs, and the operational commencement of new assets. Despite facing increased corporate expenses and lower performance-related recoveries, Acwa Power showcased resilient growth, particularly in renewable energy, adding 10.7GW to its capacity, with 66% derived from green sources.
2023 was a landmark year for Acwa Power, achieving an unprecedented number of financial closes and raising significant capital, which included the groundbreaking NEOM Green Hydrogen Project. This financial acumen underscores the company’s robust business model and its ability to thrive in challenging economic conditions.
Acwa Power’s commitment to sustainability and innovation was evident in its operational achievements and strategic partnerships, aligning with its ambition to lead the global energy transition. The company’s growth trajectory, particularly in renewable energy and green hydrogen, positions it as a pivotal player in supporting Saudi Arabia’s ambitious Vision 2030 decarbonization initiatives.
ACWA Power’s CEO Marco Arcelli said: “Our strong performance in 2023 is another step towards our ultimate goal to triple the size of our business by the end of the decade.”
As Acwa Power continues to expand its global footprint and diversify its energy portfolio, it remains focused on delivering sustainable, reliable, and affordable energy solutions. The company’s strategic initiatives and operational excellence are not only driving its growth but are also contributing significantly to the global energy landscape’s transformation.
(Associated Medias) – All rights reserved.