The company said its revenue from new projects also contributed to higher profits as well as lower zakat and tax expenses, and higher other income resulting from higher revenue. from deposits and gains from changes in fair value. of derivatives.
According to the company’s statement to the Saudi Stock Exchange, its revenue in the first quarter of this year increased by 15.7%, to about 1.3 billion riyals, on an annual basis.
ACWA Power’s profits doubled last year to around 1.5 billion riyals, an increase of 10.3% from 2021, according to a previous statement from the company.
It should be noted that ACWA Power is one of the largest Saudi companies and, since its establishment in 2004, has been investing in clean energy as a developer, investor and operator of power plants, water desalination and green hydrogen. The Saudi Sovereign Wealth Fund owns about 44.2% of its shares, which were listed on the Saudi Stock Exchange in October 2021.
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