Half Year 2024 Acwa Power Company SJSC Earnings Call Transcript
Key Points
- ACWA Power Co (SAU:2082) reported a solid quarter with strong financial and operational results, showing significant growth in the first half of 2024.
- The company added more than 10 gigawatts to its portfolio, valued at SAR37 billion, aligning with its target to triple its size by 2030.
- ACWA Power Co (SAU:2082) has secured framework agreements with major PV module OEMs, covering over 60% of its needs for the next two years.
- The company achieved financial closures for three major projects, totaling SAR18 billion in the first six months of 2024.
- ACWA Power Co (SAU:2082) is focusing on strategic growth in key regions, including Saudi Arabia, Central Asia, and China, with a strong pipeline of projects.
- The company reported a fatality at a construction site in Uzbekistan, highlighting challenges in managing safety compliance in remote locations.
- General and administrative expenses increased significantly, from SAR273 million to SAR434 million, due to expanded operations and strategic initiatives.
- ACWA Power Co (SAU:2082) has increased its leverage ratio, which, while within guidance, reflects higher financial risk.
- The company is planning a $1.9 billion capital increase, indicating a need for additional funding to support its growth ambitions.
- There is uncertainty regarding the timeline for entering the Chinese market, with no specific projects announced yet.
Welcome everyone to the Acwa Power results conference call for the six-month period ended June 3, 2024. My name is Carla and I will be coordinating your call today. (Operator Instructions)
I will now hand you over to Ozgur Serin, head of investor relations at Acwa Power to begin. Ozgur, please go ahead.
I just realized myself. Thank you very much. Good morning, good afternoon and evening everyone, depending on where you're joining the call.
Thanks for being with us once again. The purpose of today is obviously to go through with you the financial results and the operational results of the company for the first six months of 2024. Marco Arcelli, who's our CEO, and Abdulhameed Al Muhaidib, who is our CFO, they are both in Riyadh and joining from Riyadh for this call. And me, as the head of investor relations, I am this time joining from Dubai.
And so without further ado, I just would like to pass the word to Marco. But before, sorry, before saying that, we are very
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