Acwa Power windmills on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills on the outskirts of Tangier, Morocco. Reuters

Acwa Power’s quarterly profit rises 6% on higher revenue


Fareed Rahman
  • English
  • Arabic

Saudi Arabia's private utility Acwa Power reported a more than 6 per cent annual rise in its second-quarter profit on the back of higher revenue as it continues to develop new projects to boost its portfolio.

Net profit after zakat for the three months to the end of June climbed to 414.4 million Saudi riyals ($110.5 million), the company said in a filing on Thursday to the Tadawul stock exchange, where its shares are traded.

Revenue during the period surged more than 9 per cent annually to 1.4 billion riyals, and operating profit rose more than 8 per cent to about 730 million riyals.

The company’s net profit rose for the quarter due to “higher operating income before impairment … resulting from higher contribution from existing projects on account of plants that experienced outages in the prior period and contribution from new projects”, it said.

Lower zakat and tax charges, mainly because of deferred tax credit, also helped the company to increase its profit for the period.

“These increases in net profit were partially offset by higher finance charges, mainly due to additional debt including the sukuk tranche two issuance by the company and higher market rates,” it added.

Acwa Power, backed by the Public Investment Fund, operates in 12 countries across the Middle East, Africa, Central and South-east Asia. The company's portfolio comprises 77 projects in operation, advanced development or construction with an investment value of $78.2 billion and the capacity to generate 50.4 gigawatts of power and manage 6.8 million cubic metres of desalinated water per day.

The company has been boosting its investments to expand its portfolio globally.

Last month, it signed a preliminary agreement with Egypt's New and Renewable Energy Authority to allocate land for a 10-gigawatt wind project in the North African country.

The agreement comes after the Riyadh-listed utility signed an initial pact in November last year to build the project, expected to be one of the largest wind farms in the region.

It is also teaming up with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, the country’s investment development fund and sovereign wealth fund, for the development of a one-gigawatt wind energy and battery storage project in Kazakhstan with a total investment of $1.5 billion.

Acwa also announced the closure of the $6.3 billion Neom green hydrogen project’s financing in the kingdom's $500 billion futuristic city in May.

“Acwa Power’s diversified business model continues to present solid future growth with more projects coming online,” Abdulhameed Al Muhaidib, chief financial officer of Acwa Power, said. “It is also encouraging to see the progressive operational stability following some unusually extended plant outages of last year.”

The company’s first-half profit rose 26 per cent year-on-year to 684 million riyals as revenue grew 12 per cent to 2.7 billion riyals. Operating income also increased by about 6 per cent to 1.28 billion riyals.

Acwa Power also paid a dividend of 607 million riyals for 2022 to its shareholders in July.

“Our parent cash flow and balance sheet continue to remain healthy to support our immediate and visible growth pipeline,” Mr Al Muhaidib said.

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

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England v West Indies

England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane

Fixtures

1st Test Aug 17-21, Edgbaston

2nd Test Aug 25-29, Headingley

3rd Test Sep 7-11, Lord's

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
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'Tell the Machine Goodnight' by Katie Williams 
Penguin Randomhouse

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

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The Beach Bum

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Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg

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Al Jazira's foreign quartet for 2017/18

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Mbark Boussoufa, Morocco

Engine: 3.5-litre V6

Transmission: eight-speed automatic

Power: 290hp

Torque: 340Nm

Price: Dh155,800

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The specs: 2019 Haval H6

Price, base: Dh69,900

Engine: 2.0-litre turbocharged four-cylinder

Transmission: Seven-speed automatic

Power: 197hp @ 5,500rpm

Torque: 315Nm @ 2,000rpm

Fuel economy, combined: 7.0L / 100km

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Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

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Price: From Dh590,000

ESSENTIALS

The flights

Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.

The hotels

Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.

The tours

A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages. 

360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

The specs: Aston Martin DB11 V8 vs Ferrari GTC4Lusso T

Price, base: Dh840,000; Dh120,000

Engine: 4.0L V8 twin-turbo; 3.9L V8 turbo

Transmission: Eight-speed automatic; seven-speed automatic

Power: 509hp @ 6,000rpm; 601hp @ 7,500rpm

Torque: 695Nm @ 2,000rpm; 760Nm @ 3,000rpm

Fuel economy, combined: 9.9L / 100km; 11.6L / 100km

Eyasses squad

Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)

Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)  

Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)

Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)

Jemma Eley – goal attack / wing attack (Dubai College)

Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)

Molly Fuller – goal attack / wing attack (Dubai College)

Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)

Noorulain Hussain – goal defence / wing defence (Dubai College)

Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)

Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)         

Eliza Petricola – wing attack / centre (Dubai English Speaking College)

TV (UAE time);

OSN Sports: from 10am

The biog

Full name: Aisha Abdulqader Saeed

Age: 34

Emirate: Dubai

Favourite quote: "No one has ever become poor by giving"

Other IPL batting records

Most sixes: 292 – Chris Gayle

Most fours: 491 – Gautam Gambhir

Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Highest strike-rate: 177.29 – Andre Russell

Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)

Highest average: 52.16 – Vijay Shankar

Most centuries: 6 – Chris Gayle

Most fifties: 36 – Gautam Gambhir

Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)

Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)

 

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

On sale: now  

 
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How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Updated: August 10, 2023, 10:18 AM`