Saudi Arabia's renewable energy giant ACWA Power reported a 44% year-on-year increase in first-quarter net profits to SAR427mn, significantly outperforming analyst forecasts of SAR358mn, Al-Eqtisadiah reported on May 8.

In a statement to Tadawul, the company attributed this growth to higher operating revenues before impairment and other expenses, alongside an increased deferred tax balance. These positive factors offset rising project development costs, higher general, administrative and financing expenses, and decreased other revenues.

ACWA Power, established in 2008 with a capital of SAR7.3bn, was listed on the Saudi Stock Exchange in 2021 and currently holds a market value of SAR218bn. Saudi Arabia's Public Investment Fund owns 44% of the company, while Vision International Investment holds 22.8%.

Quarterly revenues climbed 57% to SAR1.96bn, driven by increased development and construction management services, growth in maintenance and operation revenues, and higher electricity sales.

The company told Al-Eqtisadiah in February that it plans to expand its investment portfolio in renewable energy, green hydrogen, and water desalination projects, targeting total investments of $250bn by 2030.

Regional President for Saudi Arabia, Hisham Tashkandi, revealed that the company is implementing investments worth $97bn, with 60% concentrated in Saudi Arabia.

ACWA Power has the capacity to produce nearly 20 gigawatts in Saudi Arabia, with 17 gigawatts under construction. It currently produces 8mn cubic metres of desalinated water, 5 mn of which are in Saudi Arabia.