Acwa Power’s net income rose 8% y-o-y to SAR 1.7 bn in 2023, while revenues were up 13.4%y-o-y to SAR 6.1 bn, it said in a disclosure to Tadawul. The BoD of the energy giant has proposed a dividend payout of SAR 329 mn for 2023 at SAR 0.45 per share, it said in a separate disclosure. The board has also recommended the issuance of bonus shares by way of capitalizing SAR 14.6 mn from retained earnings, granting shareholders one share for every 500 shares owned, it said in a further disclosure.

What they said: “Acwa Power’s results in 2023 is a demonstration of our strong business model fundamentals and the resilience of our balance sheet against high interest rate and inflation environments… Our strong performance in 2023 is another step towards our ultimate goal to triple the size of our business by the end of the decade… We are doubling down on our efforts to lead the energy transition globally, while supporting Saudi Arabia to deliver one of the most ambitious decarbonisation programs in the world,” the company’s CEO Marco Arcelli noted.

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