Saudi Arabia’s utility firm ACWA Power reported a net profit of SAR1.66 billion ($443 million) for the full year of 2023. This represents an 8 percent increase compared to the previous year, driven by higher operating income.
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ACWA Power disclosed that its operating income before impairment loss and other expenses stood at SAR2.98 billion, marking a 14 percent growth compared to 2022. The company also revealed that its revenue for the year reached SAR6.09 billion, a 16 percent increase compared to SAR5.27 billion in the same period of the previous year.
CEO Marco Arcelli expressed confidence in ACWA Power’s new growth strategy and increased targets, stating that 2024 will be the first full year of executing this strategy. He mentioned that the company has ambitious goals across its business verticals in multiple geographies, including China. ACWA Power’s teams are currently conducting due diligence on 5 to 8 identified projects in China, and the CEO expects to announce the first project within a few months.
Dividend and bonus
Furthermore, ACWA’s board approved a dividend payment of SAR329.0 million (SAR0.45 per share) for the year 2023, which will be paid in 2024. Additionally, the board recommended a capital increase through the issuance of bonus shares in a ratio of 1:500. This capitalization will involve SAR14.6 million from the retained earnings.
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