Saudi: ACWA Power reports robust results for the first half of 2023

Saudi: ACWA Power reports robust results for the first half of 2023

Saudi Arabia - ACWA Power Company, a publicly listed company on the Saudi Arabian Tadawul stock exchange (ACWA Power: 2082), announced financial results for the six-month period ending 30 June 2023.

Supported by higher operating income, the Company’s net profit—attributable to equity holders of the parent—has increased by 26% versus the first half of 2022 and reached SR684 million. Financial expenses were higher mainly on account of the new debt issuance for growth and the continuous increase in market rates. This was more than offset by increase in other income and favourable deferred tax movement as against the same period last year.

“The results of the first half of the year are a reflection of our privileged position of having a solid business model, excellent talent and a passion for making a difference.” said Marco Arcelli, Chief Executive Officer, ACWA Power. “Rather than rest on our laurels, this success has driven us to even greater ambitions—to being the world’s best in the three core segments of renewable energy, water and green fuels—by the end of the decade. Now, our effort, people and finances will focus on making this dream a reality,” he added.

Commenting on the financial results, Abdulhameed Al Muhaidib, Chief Financial