ACWA Power Company has reported Sar542m (€140m) in consolidated net profit for the first sixth months of 2022, a 21% year-on-year increase.
ACWA Power’s adjusted net profit for the first six months of 2022 was Sar516m and marginally lower than the adjusted net profit of Sar520m, compared with the same period of the prior year.
The company’s new projects that achieved their initial or project commercial operation dates during or after the second quarter of 2021 in addition to recovery of a performance liquidated damage claim contributed strongly to the growth in operating profit before impairment losses and other expenses, the company said.
The company said this performance was partially offset by lower income from the projects that experienced forced plant outages in some of the plants.
During the course of the first six months, ACWA Power signed a limited notice to proceed agreement in relation to the engineering procurement and construction contract for the Neom Green Hydrogen Project in Saudi Arabia with Neom Green Hydrogen Company and Air Products.
The contract value of this agreement is reported $900m.