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Saudi Arabia’s ACWA Power, partly owned by the sovereign Public Investment Fund (PIF), posted a Q2 2023 net profit of 414.4 million riyals ($110.5 million), up 6% year-on-year (YoY) on increased operating income.
The figure came well below the analysts’ average forecast of SAR 546.50 million, according to data compiler Refinitiv .
Revenue was 9% higher at SAR 1.41 billion versus SAR 1.29 billion in the year-ago period, the utility provider said in a regulatory filing to Riyadh's Tadawul exchange on Thursday.
These increase in net profit was partially offset by higher finance charges, mainly due to additional debt including the Sukuk tranche issued by ACWA, and higher market rates, it said.
(Writing by Brinda Darasha; editing by Seban Scaria)
