Saudi Arabia’s Acwa Power reported SAR 1.5 mn in net income in 2022, rising 103% y-o-y, according to the company’s earnings release. The uptick in net income came on the back of “higher operating income before impairment and other expenses,” along with lower impairment losses compared to 2021 and revenues generated under Acwa’s settlement of “long-term financing and funding facilities and divestment of a partial stake in the company’s Sirdarya project in Uzbekistan,” the company notes.

Dividend payouts: Shareholders in Acwa Power’s parent company will receive dividends of SAR 2.11 per share.

What they said: “Our first full year as a public company involved many operational and financial developments — in addition to expanding in existing markets, we actively engaged in the

debt capital markets and effectively recycled our capital in line with our long-term

strategy,” CFO Abdulhameed AlMuhaidi noted in the statement, adding that Acwa Power raised SAR1.8 bn in February in sukuk that was 2.24x oversubscribed.