ACWA Power reports 32% rise in net profit and announces Kazakhstan deal

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.

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