Saudi’s energy firm ACWA Power saw its profit climb 9 percent in Q1 2022 despite challenges it is currently facing in the wake of the Russian-Ukrainian war regarding transporting equipment to its projects in Azerbaijan and Uzbekistan through the Black Sea.
The profits of the Public Investment Fund-owned firm climbed to 151.9 million Saudi riyals ($40.5 million), compared to 139 million riyals in the same period last year, according to a bourse filing.
The growth was mostly driven by a higher share of net results of equity accounted investees, primarily from Jazan’s start of operations, and partially offset by mainly lower operating income on account of lower production in the plants in Morocco because of extended outages, the Tadawul-listed company said in a bourse filing.
Revenue came in at 1.17 billion riyals, down 5 percent versus the year-ago period.
ACWA continuously evaluates the market conditions and assesses the risks, according to Paddy Padmanathan, vice-chairman and CEO.