Q3 2024 Acwa Power Company SJSC Earnings Call Transcript
Key Points
- ACWA Power Co (SAU:2082) reported a satisfying performance for the first nine months of 2024, achieving targets set under Strategy 2.0.
- The company executed five PPAs and two WPAs, adding 10.5 gigawatts of new capacity and approximately 400 cubic meters per day of desalination.
- ACWA Power Co (SAU:2082) brought 700 megawatts online, particularly in solar PV in Saudi Arabia, contributing to the country's decarbonization efforts.
- The company has 26 projects under construction, a record in its history, with expectations for 16 projects to achieve commercial operation by the end of next year.
- ACWA Power Co (SAU:2082) received approval for a capital raise of about SAR7.125 billion, with the application expected to be completed by the end of the year.
- Operating income was negatively impacted by increased development costs and provisions, resulting in a SAR122 million negative impact.
- Contribution from operational assets decreased slightly, impacting operating income by SAR57 million.
- The company faced a legal case in Saudi Arabia, resulting in a provision with a total impact of SAR194 million.
- ACWA Power Co (SAU:2082) reported a lower adjusted net income compared to the same period last year, with significant impairments and provisions affecting results.
- The company experienced a setback with a project in Africa, leading to a SAR429 million impairment due to the non-reinstatement of a PPA.
We welcome to the Acwa Power financial results conference call for the nine month period ended September 30, 2024. My name is Lauren and I'll be your coordinator today. At the end of the presentation, there will be an opportunity to ask questions. (Operator instructions)
I will now hand you over to your host, Oscars head Investor Relations at Acwa Power to begin Ozgur. Please go ahead.
Thank you very much and good morning. Good afternoon, good evening everyone, wherever you're joining from. And thank you so much for participating in our call once again. It's already been said, but let me repeat a few words that this is the earning call of Acwa Power for the three months and the nine months and the 30 September 2024, AKA, we will be calling these quarters as the third quarter or the nine months of 2024 respectively.
We have Marco and I joining the call from Europe due to our trips, but we have Abdulhameed and the IR team and the wider finance team joining the call
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