ACWA Power Company shrugged off the pandemic, geopolitical tensions and challenges relating to supply chains and inflation to post adjusted net profit of SAR1,575m in 2022, up 32% on 2021.

The results reflected the full year impact of projects completed throughout 2021 in addition to new contributions from projects finished in the current year. Operating income totalled SAR2,614m, up 14% on 2021.

In addition to higher operating income before impairment and other expenses, growth for the Riyadh-based company was largely driven by lower impairment losses in the year compared to 2021 and financial income and gain recognised on settlement of long-term financing and funding facilities and divestment of partial stake in the company’s Sirdarya project in Uzbekistan.

Coinciding with the results, ACWA Power announced a partnership agreement with the Republic of Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, to develop a 1GW wind energy and battery storage project within the Central Asian country.