Riyadh-based utility developer Acwa Power reported a 27 per cent increase in second-quarter profit on the back of higher operating income and revenue, as the company continues to sign up to new projects.
Net profit after zakat and tax attributable to equity holders of the parent for the three months to the end of June climbed to nearly 389.9 million Saudi riyals ($104m) compared with 307.8m riyals during the same period last year, Acwa Power said on Thursday in a statement to the Tadawul stock exchange, where its shares are traded.
Operating income during the period rose more than 2 per cent to 642m riyals, while revenue grew more than 3 per cent to 1.29 billion riyals.
The company recorded higher profit due to an "increase in the share of net income from equity-accounted investees, mainly on account of new projects that commenced operations subsequent to June 30, 2021", Acwa Power said.
Share in net income from equity-accounted investees during the period jumped 19 per cent to 169.6m riyals, according to the statement.
Impairment loss and other expenses dropped 46 per cent to 35.8m riyals.
Other income rose to 95.4m riyals in the second quarter, compared with 15.6m riyals during the same period last year, helping the company to boost profits.
Zakat and tax charge, on the other hand, increased during the reporting period.
Acwa Power operates in 13 countries across the Middle East, Africa, Central and South-east Asia. It has a portfolio of 67 assets with a total investment of $66.5bn, producing 42.7 gigawatts of power and 6.4 million cubic metres per day of desalinated water.
“The business environment in which we operate did not manifest any unexpected new turn of events or major shifts in the geopolitical or macroeconomic landscapes,” said Paddy Padmanathan, chief executive and vice chairman of Acwa Power.
“However, the continuing Russia-Ukraine war, the persistent increasing costs and a Covid-triggered supply-chain constraint out of China continued to demand notable effort from our teams across the organisation to navigate through the ensuing issues for our projects in advanced stages of their development.”
The company is in the process of bid preparation and submission for the competitive 500-megawatt solar project in Uzbekistan and 600,000 cubic metres per day Rabigh 4 independent water project in Saudi Arabia in response to requests for proposals put forward by the respective off-takers, he said.
The company is also “at the final stages of submitting our bid” for the development of the fully integrated utilities infrastructure at Amaala, the second mega-tourism project on the north-west coast of the country between Neom and the Red Sea Project, Mr Padmanathan said.
Saudi Arabia's sovereign wealth Public Investment Fund is the biggest shareholder in Acwa Power, with a 50 per cent stake. It also has seven other stakeholders, including the Saudi Public Pension Agency.
The company raised $1.2bn from its listing last year, making it one of the biggest share sales in the energy space after Saudi Aramco's record IPO on the Tadawul in 2019, which raised a record $29.4bn.
The company was this year selected as the preferred bidder to develop two solar photovoltaic plants in Indonesia, South-east Asia's largest economy.
The two projects are the Singkarak floating plant in Sumatra with a capacity of 50MW and another 60MW plant in Java.
“We are currently working with the relevant stakeholders to take these projects towards the final award stage," Mr Padmanathan said.
Acwa is also leading a consortium to develop a 1.1-gigawatt wind project worth $1.5bn in Egypt, and has teamed up with Oman’s OQ energy company to build a multibillion-dollar green hydrogen-based ammonia production unit in the sultanate. It is also developing other projects across the region.
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Her most famous song
Aghadan Alqak (Would I Ever Find You Again)?
Would I ever find you again
You, the heaven of my love, my yearning and madness;
You, the kiss to my soul, my cheer and
sadness?
Would your lights ever break the night of my eyes again?
Would I ever find you again?
This world is volume and you're the notion,
This world is night and you're the lifetime,
This world is eyes and you're the vision,
This world is sky and you're the moon time,
Have mercy on the heart that belongs to you.
Lyrics: Al Hadi Adam; Composer: Mohammed Abdel Wahab
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Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Brief scores:
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Rayo Vallecano 1
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The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
Elvis
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
UAE currency: the story behind the money in your pockets
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
