Riyadh – Mubasher: The net profits after Zakat and tax of ACWA Power Company jumped by 77.63% to SAR 269.73 million in the first quarter (Q1) of 2023, compared to SAR 151.85 million in Q1-22.

The Saudi firm posted revenues totalling SAR 1.33 billion during the January-March 2023 period, higher by 15.65% than SAR 1.15 billion in Q1-22, according to the interim financial results.

Earnings per share (EPS) amounted to SAR 0.37 in Q1-23, an annual growth from SAR 0.21.

On a quarterly basis, the Q1-23 net profits after Zakat and tax shrank by 58.92% from SAR 656.61 million in Q4-22, while the revenues declined by 15.09% from SAR 1.56 billion.

During the 12-month period that ended on 31 December 2022, ACWA Power generated 102.96% higher net profits after Zakat and tax at SAR 1.54 billion, compared to SAR 758.79 million in 2021.

Last April, the Tadawul-listed company announced a financing package valued at $123 million to develop the utility-scale solar power plant Kom Ombo in Egypt.