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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.
Acwa Power has been busy in 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.
AND- Acwa Power 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.
China in sight: “I am optimistic about announcing our first project in China in the near future in addition to achieving several other milestones for either the existing projects in development or the new ones in our growth pipeline in the rest of the year,” CEO Marco Arcelli said.
JAMJOOM PHARMA-
Jamjoom Pharma’s net income grew 22% y-o-y to SAR 103 mn in Q1 2024on the back of a growth in sales despite the impact of the EGP devaluation, according to its earnings release (pdf) and disclosure to Tadawul. Its revenues were up 28.1% over the same period to SAR 385.5 mn in the same period on the back of higher sales volume across its key markets and the launch of new brands.
A look at revenues across its markets: Revenues from its KSA business rose by 24.9% y-o-y, while the growth in Jamjoom’s exports were driven by a 59.4% rise in revenues in Iraq and a 23% y-o-y increase in revenues by the Gulf market. However, revenues from North Africa dropped 3.3% y-o-y on the back of halted sales in Sudan due to the ongoing war. However, this was offset by strong performances in other markets, including Morocco. Revenues from its Egypt business more than doubled due to an increase in production in its new facility in the country.
Jamjoom also launched four new products in the first quarter of the year, including two consumer health brands, one ophthalmology and an anti-diabetic brand. Additionally, it experienced strong revenue growth in specific medical areas such as gastrointestinal, cardiovascular, general Medicine, and pain and inflammation during the quarter.
MODERN MILLS-
Modern Mills’ net income rose 1.4% y-o-y to c. SAR 65 mn in Q1 2024on the back of higher revenues and improved efficiency, it said in a disclosure to Tadawul. Its revenues were up 2.2% y-o-y over the same period to SAR 257.8 mn due to launch of new sub-categories, it said.
REMEMBER- Modern Mills made its debut on the main market in March after it sold a 30% stake in the IPO, which saw 20 percentage points allocated to institutional investors and the remaining 10 points to retail investors.
