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  • 10-11-21

    ACWA in Saudi Arabia records USD5.8 million loss

    (MENAFN) ACWA Power, Saudi energy company, recorded a SR21.8 million (USD5.8 million) drop in its first three months’ profits results after going public.

    The company stated in a filing on Wednesday, that the corporation in which the Public Investment Fund possesses a large share of 44 percent, created a revenue of SR541 million in the same time span last year.

    The net profit of the first three quarters of 2021 also decreased by half to reach SR434 million (about USD115.7).

    The firm based in Riyadh stated that the loss in the period of July-September was mostly due to IPO-related matters and payments along with the decrease of two of their oil-fired assets in the kingdom.

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