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Acwa Power’s net income grew 9.8% y-o-y to SAR 296.2 mn in 1Q 2024 on the back of higher income from the recycling of hedge reserves after the discontinuation of some hedging contracts, it said in an earnings release (pdf). Its revenues were down 6% y-o-y to SAR 1.3 bn due to lower development and construction management fees and lower finance lease income due to a forced interruption of service at one of its plants in Morocco.
A busy 1Q: Some of the highlights by the renewables giant during the quarter included signing of a water purchase agreement for Senegal’s first desalination project under a public-private partnership and a power purchase agreement for Uzbekistan’s Nukus2 200 MW wind farm and battery energy storage system. Acwa Power also received the commercial operation certificate to begin operating the third and final phase of its 1.5 GW Sudair solar project. It also received a similar certificate for its Al Taweelah desalination plant in Abu Dhabi. It also achieved financial close for the solar-powered Hassyan water desalination project in Dubai.
Acwa said a forced outage at its Nooro 3 solar plant in Morocco due to technical issues at the molten salt tank saw it take a charge for an SAR 109.3 mn impairment. The plant will remain out of operation until the end of the year, it said. Acwa also said that unprecedented rainfall in the UAE in April led to “limited disruptions” in operations, without providing further details.
DUBAI ELECTRICITY AND WATER AUTHORITY-
Dewa’s bottom line fell 14% in 1Q: Dubai Electricity and Water Authority (Dewa) posted a 14% y-o-y decline in net income to AED 650.8 mn in 1Q 2024, according to the authority’s financial statements (pdf).
Dewa’s revenue climbed 6.5% y-o-y, increasing to AED 5.8 bn during the quarter. The authority attributed the solid revenues to a growth in electricity, water and cooling services demand, Dewa said in its earnings release (pdf).
What they said: “The high demand growth of 6.4% in electricity and 5.9% in water have contributed to exceptional operating results in this quarter… reflected in 11.6% increase in operating income of the group,” Dewa CEO Saeed Mohammed Al Tayer said.
