ACWA Power more than doubles net profit in 2022

Its consolidated net profit amounted to SAR1.54b (US$410.6m). 

ACWA Power reported its net profit attributable to equity holders grew by 103% year-on-year to SAR1.54b (US$410.6m).

Over the same period, the company recorded an operating income growth of 14% to SAR2.61b (US$697.06m), which reflects the full-year impact of projects completed in 2021. 

The results were further supported by higher contributions from development and construction management services for projects that had achieved financial close status during the year, ACWA Power noted. 

Read more: ACWA Power, Kazakhstan to develop 1GW wind energy, battery storage

in 2022 ACWA Power added 5.44 GW of power generation and 600,000 cubic metres per day of water desalination capacity in Saudi Arabia, Egypt, and Uzbekistan by way of signing new power or water purchase agreements, the largest capacity additions in a single calendar year in the company’s history.

Over 2022, ACWA Power added 5.44 gigawatts of power generation and 600,000 cubic metres per day of water desalination capacity in Saudi Arabia, Egypt, and Uzbekistan.