Skip to content Skip to Search
Skip navigation

Acwa Power profit up 16% on robust business momentum

By Pramod Kumar
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.

Latest articles

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]