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ACWA Power sees robust profit surge in second quarter
(MENAFN) Saudi Arabia's ACWA Power has reported a significant rise in its profits for the second quarter of this year. The company announced in a statement to the Saudi market on Sunday that it achieved net profits of 630.6 million riyals (USD168.05 million) in the second quarter, compared to 414.4 million riyals in the same period last year, marking an increase of 52.2 percent.
In its financial results statement, ACWA Power attributed this profit increase to a rise in the company's revenues during the second quarter, as well as gains from divesting assets. These factors have notably enhanced the company's financial performance, leading to the positive results reported for this period.
The statement also highlighted the increase in contributions from invested companies and higher financial revenues, which further supported the substantial profit growth. Despite various challenges, ACWA Power successfully leveraged its investments and increased its financial returns effectively.
However, the statement pointed out an increase in project development costs, general and administrative expenses, financing expenses, zakat expenses, and income tax. These financial challenges are part of the company's operating environment, but the achievement of such significant profits demonstrates its ability to adapt and overcome these obstacles positively.
In its financial results statement, ACWA Power attributed this profit increase to a rise in the company's revenues during the second quarter, as well as gains from divesting assets. These factors have notably enhanced the company's financial performance, leading to the positive results reported for this period.
The statement also highlighted the increase in contributions from invested companies and higher financial revenues, which further supported the substantial profit growth. Despite various challenges, ACWA Power successfully leveraged its investments and increased its financial returns effectively.
However, the statement pointed out an increase in project development costs, general and administrative expenses, financing expenses, zakat expenses, and income tax. These financial challenges are part of the company's operating environment, but the achievement of such significant profits demonstrates its ability to adapt and overcome these obstacles positively.
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