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Acwa Power profit up 16% on robust business momentum

Acwa Power profit Shutterstock/ultramansk
Saudi-listed Acwa Power reported a net profit of SAR1.08 billion for the first nine months of 2023

Saudi-listed Acwa Power reported a 16.46 percent increase in profits to SAR397.94 million ($106.08 million) in the third quarter of 2023, driven by positive momentum in the business development activities.

Revenue rose 22.11 percent year on year to SAR1.54 billion in the quarter ended September 2023.

The company achieved financial closure for three solar PV projects and one desalination project in Saudi Arabia at an investment cost of SAR11.1 billion. 

Two of these are part of the pipeline of projects in the kingdom’s renewable energy development programme. 70 percent of it has been assigned to Acwa Power to develop along with the sovereign Public Investment Fund. 

The renewable energy provider reported a net profit of SAR1.08 billion for the first nine months of 2023, an increase of 22.49 percent from SAR883.42 million in the year-earlier period.

Revenue was up 15.58 percent annually to SAR4.28 billion.

“We are steadily progressing in achieving our 2023 targets with solid growth in projects achieving financial closes and others being commissioned and delivering energy and water to the end users,” said Abdulhameed Al Muhaidib, chief financial officer, Acwa Power.

“The prolonged and increased ripples of the high interest rate, high inflation and geopolitical conflicts environment of the past couple of years, now expected to continue well into 2024, compel us to maintain an element of caution in our expectations into the immediate and near future,” CEO Marco Arcelli added.

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