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 .
