RIYADH: Saudi Arabian energy firm ACWA Power Co. saw its profit climb 9 percent in the first quarter of 2022, thanks to higher project income.
The profits of the Public Investment Fund-owned firm climbed to SR152 million ($41 million), compared to SR139 million in the same period last year, according to a bourse filing.
Profits grew mainly due to the contribution of projects that began operating, which drove a higher share of net income from equity-accounted investors, it said.
With a SR251-billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after the Saudi Electricity Co.