Paddy Padmanathan, Vice-Chairman & Chief Executive Officer
ACWA Power Co. posted strong financial results in the first quarter of 2022, backed by the ten new power generation and water desalination projects that entered into force during the period from April to December 2021. said Paddy Padmanathan, Vice-Chairman & Chief Executive Officer.
More projects are expected in the future, while a number of other projects will enter into force, and new projects will be contracted, including the green hydrogen project in NEOM, which will reach the full contracting phase during the current year, with positive results likely after 3 years, he added.
In an interview with Asharq TV, Padmanathan revealed that the financial closure of the Al-Ras renewable energy project in the Kingdom is expected this year, noting that the company has several expected projects in Saudi Arabia, as it works with the Public Investment Fund. He also said that ACWA Power is expected to complete two projects with PIF, within the renewable energy program and to enter the stage of financial conclusion and contracting before the end of 2022. This is in addition to other projects expected in the next two years.
Despite the challenges in the market, the company successfully made progress, thanks to its adopted business model. It is also working in difficult conditions that include issues in operating some projects and refineries, in addition to supply chain disruptions due to the Russian-Ukrainian war, but it is working with partners to solve them, said the top executive.
ACWA Power reported a net profit after Zakat and tax of SAR 151.9 million for Q1 2022, up 9% compared with SAR 139 million a year earlier, according to Argaam's data.
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