Riyadh – Mubasher: ACWA Power Company registered net profits after Zakat and tax valued at SAR 684.13 million in the first half (H1) of 2023, an annual surge of 26.29% from SAR 541.72 million.
During the six-month period that ended on 30 June 2023, the revenues climbed by 12.20% year-on-year (YoY) to SAR 2.74 billion from SAR 2.44 billion, according to the interim financial results.
Earnings per share (EPS) amounted to SAR 0.94 in H1-23, up from SAR 0.74 in the year-ago period.
Income Statements for Q2-23
The listed firm posted 6.29% higher net profits after Zakat and tax at SAR 414.40 million in the second quarter (Q2) of 2023, versus SAR 389.86 million in Q2-22.
Revenues hit SAR 1.41 billion in April-June 2023, marking a 9.14% YoY rise from SAR 1.29 billion.
On a quarterly basis, the Q2-23 profits jumped by 53.63% from SAR 269.73 million in Q1-23, while the revenues increased by 6.04% from SAR 1.33 billion.
Marco Arcelli, CEO of ACWA Power, highlighted: “New equity commitments during this period [H1-23] were more than SAR 3.40 billion ($900 million), already reaching 75% of our total 2022 equity commitments level of SAR 4.50 billion.”
“As we continue to capture the identified growth pipeline ahead of us till 2030 in line with our renewed strategy, we expect that our average annual equity commitments will potentially exceed these figures,” Arcelli noted.
The CEO said: “Although cost pressures irradiating from high-interest rates, high inflation, and stressed supply chains are still a challenge, the emerging positive sentiment all around us, on account of the early signs of softening inflation and cost curves, is encouraging.”
