ACWA Power 2024 profit rises 6% to SAR 1.75B; Q4 at SAR 502.2M

ACWA Power 2024 profit rises 6% to SAR 1.75B; Q4 at SAR 502.2M

25/02/2025 Argaam Exclusive

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ACWA Power reported a net profit of SAR 1.75 billion for 2024, an increase of 6% from SAR 1.66 billion in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 6,095.01 6,297.30 3.3 %
Gross Income 3,495.18 3,330.59 (4.7 %)
Operating Income 2,188.91 1,357.51 (38.0 %)
Net Income 1,661.71 1,757.06 5.7 %
Average Shares 732.56 732.56 -
Earnings Per Share before unusual items 2.10 1.35 (36.1 %)
EPS (Riyals) 2.27 2.40 5.7 %

The company’s consolidated revenues for 2024 were up 3.3% year-on-year (YoY), mainly due to higher operation and maintenance revenue, higher earnings from sale of electricity, higher share in net results of equity accounted investees, gain from capital recycling and higher net finance income.

 

The revenue increase was partially offset by lower services income from the projects, lower gross profit on account of higher operating costs, higher project development costs on account of increased business development activity and higher general & administrative expenses in parallel with accelerated growth.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 1,809.52 1,735.53 (4.1 %)
Gross Income 1,122.08 873.34 (22.2 %)
Operating Income 715.73 404.57 (43.5 %)
Net Income 579.64 502.17 (13.4 %)
Average Shares 732.56 732.56 -
Earnings Per Share before unusual items 0.75 0.57 (23.7 %)
EPS (Riyals) 0.79 0.69 (13.4 %)

Q4 2024 net earnings fell 13% YoY to SAR 502.2 million from SAR 579.64 million.

 

On a quarterly basis, net profit grew 53.1% from SAR 328.1 million in Q3 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 21.85 billion by Dec. 31, 2024, compared to SAR 19.15 billion a year earlier.

 

Attached Documents

 

 



Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 87.28 - 0.12 - 87.28 0.12
Q4 2019 1,038.81 - 1.42 (325.85) 1,364.66 1.86
Q1 2020 104.63 - 0.14 - 104.63 0.14
Q2 2020 221.02 - 0.30 - 221.02 0.30
Q3 2020 524.25 500.6 % 0.72 - 524.25 0.72
Q4 2020 32.67 (96.9 %) 0.04 (149.79) 182.46 0.25
Q1 2021 139.04 32.9 % 0.19 - 139.04 0.19
Q2 2021 307.85 39.3 % 0.42 (60.02) 367.87 0.50
Q3 2021 (26.94) (105.1 %) (0.04) (308.50) 281.56 0.38
Q4 2021 338.85 937.1 % 0.46 - 338.85 0.46
Q1 2022 151.85 9.2 % 0.21 48.71 103.15 0.14
Q2 2022 389.87 26.6 % 0.53 - 389.87 0.53
Q3 2022 341.70 1368.3 % 0.47 12.75 328.95 0.45
Q4 2022 656.61 93.8 % 0.90 397.66 258.96 0.35
Q1 2023 269.74 77.6 % 0.37 - 269.74 0.37
Q2 2023 414.40 6.3 % 0.57 - 414.40 0.57
Q3 2023 397.94 16.5 % 0.54 88.68 309.26 0.42
Q4 2023 579.64 (11.7 %) 0.79 31.58 548.06 0.75
Q1 2024 296.17 9.8 % 0.40 245.79 50.38 0.07
Q2 2024 630.62 52.2 % 0.86 401.70 228.92 0.31
Q3 2024 328.10 (17.6 %) 0.45 40.07 288.03 0.39
Q4 2024 502.17 (13.4 %) 0.69 83.84 418.33 0.57
2024 1,757.06 5.7 % 2.40 771.40 985.66 1.35


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 853.13 - 362.69 - 194.22 -
Q4 2019 1,322.80 - 703.93 - 489.86 -
Q1 2020 1,062.77 - 468.07 - 296.00 -
Q2 2020 1,208.09 - 711.37 - 355.24 -
Q3 2020 1,367.15 60.3 % 754.29 108.0 % 603.18 210.6 %
Q4 2020 1,191.10 (10.0 %) 594.03 (15.6 %) 311.60 (36.4 %)
Q1 2021 1,242.76 16.9 % 661.45 41.3 % 402.89 36.1 %
Q2 2021 1,251.76 3.6 % 700.65 (1.5 %) 461.73 30.0 %
Q3 2021 1,268.81 (7.2 %) 708.01 (6.1 %) 469.06 (22.2 %)
Q4 2021 1,472.07 23.6 % 781.61 31.6 % 465.90 49.5 %
Q1 2022 1,151.27 (7.4 %) 583.50 (11.8 %) 340.78 (15.4 %)
Q2 2022 1,293.72 3.4 % 671.07 (4.2 %) 444.93 (3.6 %)
Q3 2022 1,262.85 (0.5 %) 694.88 (1.9 %) 508.46 8.4 %
Q4 2022 1,568.09 6.5 % 894.33 14.4 % 485.88 4.3 %
Q1 2023 1,331.44 15.6 % 701.45 20.2 % 427.85 25.6 %
Q2 2023 1,411.92 9.1 % 794.17 18.3 % 510.06 14.6 %
Q3 2023 1,542.13 22.1 % 877.49 26.3 % 535.27 5.3 %
Q4 2023 1,809.52 15.4 % 1,122.08 25.5 % 715.73 47.3 %
Q1 2024 1,251.76 (6.0 %) 620.55 (11.5 %) 249.92 (41.6 %)
Q2 2024 1,562.57 10.7 % 836.91 5.4 % 358.64 (29.7 %)
Q3 2024 1,747.44 13.3 % 999.79 13.9 % 344.54 (35.6 %)
Q4 2024 1,735.53 (4.1 %) 873.34 (22.2 %) 404.57 (43.5 %)
2024 6,297.30 3.3 % 3,330.59 (4.7 %) 1,357.51 (38.0 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 50.51 % - 39.97 %
Q3 2020 53.17 % 46.71 % 44.64 %
Q4 2020 52.34 % 44.18 % 21.38 %
Q1 2021 54.32 % 44.71 % 21.30 %
Q2 2021 53.64 % 46.92 % 24.02 %
Q3 2021 53.77 % 45.26 % 19.60 %
Q4 2021 54.47 % 46.23 % 21.53 %
Q1 2022 53.92 % 45.39 % 21.22 %
Q2 2022 52.92 % 43.64 % 21.47 %
Q3 2022 52.72 % 43.78 % 22.41 %
Q4 2022 53.90 % 42.57 % 20.49 %
Q1 2023 54.28 % 42.71 % 22.86 %
Q2 2023 55.34 % 42.96 % 22.82 %
Q3 2023 55.82 % 41.33 % 21.39 %
Q4 2023 57.34 % 43.51 % 25.29 %
Q1 2024 56.76 % 41.21 % 21.98 %
Q2 2024 56.07 % 37.78 % 18.43 %
Q3 2024 56.18 % 33.69 % 17.51 %
Q4 2024 52.89 % 29.86 % 15.65 %
2024 52.89 % 29.86 % 15.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 732.56 - - 12.02
Q4 2019 732.56 - - 13.52
Q1 2020 732.56 - - -
Q2 2020 732.56 1.98 2.43 -
Q3 2020 732.56 2.58 3.02 12.02
Q4 2020 732.56 1.20 1.41 9.38
Q1 2021 732.56 1.25 1.46 11.00
Q2 2021 732.56 1.37 1.66 11.16
Q3 2021 732.56 0.62 1.33 11.50
Q4 2021 732.56 1.04 1.54 18.41
Q1 2022 732.56 1.05 1.49 20.94
Q2 2022 732.56 1.17 1.52 22.64
Q3 2022 732.56 1.67 1.58 24.87
Q4 2022 732.56 2.10 1.48 25.47
Q1 2023 732.56 2.26 1.70 24.97
Q2 2023 732.56 2.30 1.74 25.97
Q3 2023 732.56 2.37 1.71 29.58
Q4 2023 732.56 2.27 2.10 26.15
Q1 2024 732.56 2.30 1.80 28.28
Q2 2024 732.56 2.60 1.55 28.14
Q3 2024 732.56 2.50 1.52 25.28
Q4 2024 732.56 2.40 1.35 29.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 80.93 54.48 4.55
Q1 2022 More than 100 89.63 6.38
Q2 2022 More than 100 98.10 6.59
Q3 2022 More than 100 More than 100 6.74
Q4 2022 72.16 More than 100 5.96
Q1 2023 62.00 82.40 5.62
Q2 2023 72.48 95.87 6.41
Q3 2023 82.25 More than 100 6.60
Q4 2023 More than 100 More than 100 9.81
Q1 2024 More than 100 More than 100 11.54
Q2 2024 More than 100 More than 100 12.51
Q3 2024 More than 100 More than 100 19.56
Q4 2024 More than 100 More than 100 13.45

Business Segments (Million)

Compared With The
Period Electricity Generation and Thermal Water Desalination Renewable Energy Sources Other activities Water and power generation parts services segment
Q1 2020 929.91 126.09 6.77 - -
Q2 2020 932.92 263.56 11.61 - -
Q3 2020 1,102.49 262.85 1.82 - -
Q4 2020 1,020.98 164.16 5.97 - -
Q1 2021 1,040.37 200.92 1.47 - -
Q2 2021 944.68 302.78 4.30 - -
Q3 2021 1,013.72 248.24 6.86 - -
Q4 2021 1,191.67 275.56 4.85 - -
Q1 2022 972.41 170.77 8.09 - -
Q2 2022 1,042.92 269.37 (18.57) - -
Q3 2022 1,032.42 227.59 2.83 - -
Q4 2022 1,210.10 350.11 7.88 - -
Q1 2023 1,080.84 237.94 12.67 - -
Q2 2023 1,066.11 342.39 3.42 - -
Q3 2023 1,131.81 401.02 9.29 - -
Q1 2024 1,041.16 206.24 4.36 - -
Q2 2024 1,151.80 405.70 5.07 - -
Q3 2024 1,227.05 508.21 12.18 - -

Analysts Estimates (Million)

Item Q4 2024 (e) Q4 2024 (a) Change‬
Average 419.00 502.17 19.85 %

Estimates vs Actual (Million)

Item Q4 2024 (e) Q4 2024 (a) Change
Al Rajhi Capital 419.00 502.17 19.8 %

Current
Market Cap (M Riyal) 258,740.19
Enterprise Value (EV) (M) 283,378.55
Shares Outstanding ((M)) 732.56
EPS ( Riyal) (TTM) 2.40
Book Value (BV) ( Riyal) 29.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 11.84
Return on Average Assets (%) (TTM) 3.1
Return on Average Equity (%) (TTM) 4.6

Share Price

353.20
(20.80) (5.56 %)

ACWA POWER Co. (ACWA POWER)


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