ACWA Power Reports Strong 2024 Financial Results and Unprecedented Growth in Energy Capacity

Representational image. Credit: Canva

Saudi-listed ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen, has announced its consolidated financial results for the full year ending 31 December 2024.

Operating income before impairment losses and other expenses reached SAR 2,983 million, driven by exceptional business growth, while net profit—attributable to equity holders of the parent—stood at SAR 1,757 million, reflecting a 5.7% increase compared to the same period in 2023.

Marco Arcelli, CEO of ACWA Power, expressed satisfaction with the company’s 2024 results, highlighting its progress toward tripling its size by 2030. Despite the investment costs, ACWA Power maintained strong profitability. In 2024, the company expanded its portfolio, entering China and launching its second green hydrogen project, solidifying its position as a global leader in energy transition and desalination.

Abdulhameed Al Muhaidib, CFO of ACWA Power, highlighted the company’s stable profits amidst exceptional growth. In 2024, ACWA Power successfully closed 9 projects totaling SAR 34.6 billion, bringing its construction portfolio to over SAR 100 billion. Despite rapid expansion, the company maintained strong financial performance, with new projects set to generate income as they reach key milestones and commercial operations.ainable growth together.

In 2024, ACWA Power added 14.3 GW of energy capacity, including 10.7 GW in renewables and 0.4 million m³/day of desalinated water. By year-end, the company’s portfolio included 94 assets with a total investment of USD 97 billion, and a gross capacity of 69.2 GW in power generation, 5.3 GWh in BESS, and 8.1 million m³/day of desalinated water production.

ACWA Power’s consolidated financial statements for the year ending 31 December 2024, audited by KPMG, along with the Investor Report and management analysis, are available on the company’s Investor Relations page at .

 

  • Related Posts

    “Integrated Fluid Control Solutions Are Key to Reliable Hydrogen Applications”: Dongshin Oh of Bürkert Korea

    Hydrogen projects rely on precise control of pressure, flow and other process conditions. In this interview, conducted at World Hydrogen Expo 2026 in South Korea, Mr. Dongshin Oh, Account Sales…

    Just 7 Days to Go! Tamil Nadu Energy Expo 2026 Set to Bring Together 3,000+ Industry Professionals in Coimbatore  

    The countdown is on! With just 7 days to go, Coimbatore is gearing up to welcome the clean energy industry’s key players, innovators and decision-makers for Tamil Nadu Energy Expo…

    Have You Seen?

    Iran Rules Out Return of UN Nuclear Inspectors as U.S. War Talks Stall

    • November 13, 2026
    Iran Rules Out Return of UN Nuclear Inspectors as U.S. War Talks Stall

    India’s Road Fuel Demand Won’t Peak Until 2034

    • November 13, 2026
    India’s Road Fuel Demand Won’t Peak Until 2034

    Appalachian Power Investing Nearly $25 Billion For Gas and Coal Power Plants

    • November 13, 2026
    Appalachian Power Investing Nearly $25 Billion For Gas and Coal Power Plants

    Asian Refiners Turn Back to Gulf Oil Despite War Risks

    • November 13, 2026
    Asian Refiners Turn Back to Gulf Oil Despite War Risks

    Iran Says Gas Tanker Hit Mine in Strait of Hormuz

    • November 13, 2026
    Iran Says Gas Tanker Hit Mine in Strait of Hormuz

    Pakistan Scrambles for LNG as Winter Gas Crisis Deepens

    • November 13, 2026
    Pakistan Scrambles for LNG as Winter Gas Crisis Deepens

    COP31 declaration targets global scale-up of biogas and biomethane

    • November 13, 2026
    COP31 declaration targets global scale-up of biogas and biomethane

    Oil Prices Head for Second Weekly Loss Despite Fresh Middle East Attacks

    • November 13, 2026
    Oil Prices Head for Second Weekly Loss Despite Fresh Middle East Attacks

    Asian Airlines Face a $148-a-Barrel Fuel Gamble

    • November 13, 2026
    Asian Airlines Face a $148-a-Barrel Fuel Gamble

    India Seeks Private Investors for $910 Million Oil Reserve

    • November 13, 2026
    India Seeks Private Investors for $910 Million Oil Reserve