ACWA Power attributable net profit up 78% YoY in Q1 2023

Its operating income increased 7% YoY during the period.

Saudi Arabia-based ACWA Power reported a 78% year-on-year (YoY) increase in attributable net profit to reach around $72m (SAR270m) on the back of higher operating income.

In a statement, ACWA Power reported its operating income before impairment loss and other expenses for the quarter rose 7% YoY to around $149.1m (SAR559m). 

Income from new projects that started operations and existing ones that were out of operations last year due to outages rose by about $46.7m (SAR175m) but was partially offset by lower development and construction management services fees, as well as higher corporate general admin expenses and other income last year.

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“It has been a solid start to 2023 and the first quarter results reflect the resilience of ACWA Power's business model, which has consistently delivered strong performance in the face of market volatility,” said ACWA Power CEO Marco Arcelli.

The company saw achievements in the business development side during the period which include the signing of three power purchase deals with the National Electric Grid of Uzbekistan for three solar projects and a battery energy storage system, amongst others.

$1 = SAR3.75