ACWA net profit rises 21% in H1

Its net profit stood at SAR542m during the period.

ACWA Power Company reported its net profit attributable to shareholders rose 21%year-on-year to SAR542m in the first half of the year. 

Over the same period, the company reported its Parent Operating Cash Flow grew to SAR2.11b from SAR216m. 

ACWA Power linked this to the higher distribution from projects, including from the RAWEC after it refinanced its outstanding debt.

Read more: Saudi’s ACWA Power to develop 1.1GW onshore wind project in Egypt

“This is an indication that the utilities industry remains strong, despite global geopolitical and economic challenges,” Mohammad Abunayyan, ACWA Power Chairman, said.

“We continue to pursue active bids in Saudi Arabia and beyond. We are also expanding our focus to include green hydrogen projects which will add to our expanding portfolio of renewables and other low-carbon technologies in our efforts to accelerate the path toward slowing down the impact of climate change, in line with Saudi Vision 2030 and the Saudi Green Initiative.”

Just last June, ACWA Power approved the distribution of dividends, worth SAR562m, which is SAR0.77 per share. This was fully paid subsequently in July.

Read more: ACWA Power, POSCO partner to develop green hydrogen in South Korea