ACWA Power’s profit rises 16% to SAR 532.2 mln in 2014

ACWA Power International (ACWA Power) reported a net profit of SAR 532.2 million for 2014, an increase of 16 percent year-on-year from SAR 459 million.

The year-on-year rise was mainly driven by improved performance of Rabigh Arabian Water and Electricity Company (RAWEC), in which Tadawul-listed Petro Rabigh owns a one percent stake. RAWEC swung back to a profit of SAR 155 million in 2014, from losses of SAR 663 million in 2013.

Thus, ACWA Power’s share in RAWEC’s profit stood at SAR 57 million in 2014, compared to SAR 245 million losses a year earlier.

In addition, ACWA saw an increase in its profit share in associates and joint ventures to SAR 367.1 million from SAR 191 million in 2013. 

Incorporated in 2004, ACWA Power produces 16,166 megawatt of electricity per day and 2.47 million cubic meters of desalinated water on a daily basis.