RIYADH: Saudi Arabian energy firm ACWA Power Co. saw its profit climb 9 percent in the first quarter of 2022, thanks to higher project income.
The profits of the Public Investment Fund-owned firm climbed to SR152 million ($41 million), compared to SR139 million in the same period last year, according to a bourse filing.
Profits grew mainly due to the contribution of projects that began operating, which drove a higher share of net income from equity-accounted investors, it said.
“Our overall business performance has resulted in a strong financial result for the start of 2022, which is a testament to the stability of our contracted and diversified business model,” said Chairman Mohammad Abunayyan, in a press statement.
In the wake of the Russian-Ukrainian war, the company is encountering challenges transporting equipment to its projects in Azerbaijan and Uzbekistan through the Black Sea, but continuously evaluates the market conditions, assessing the risks, Paddy Padmanathan, vice-chairman and CEO said in an interview to Ashraq Business.
With a SR251-billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after the Saudi Electricity Co.
Despite posting a profit, shares of the company fell 1.13 percent in after-hours trading to reach SR139.80, as of 12:15 p.m. Saudi time.