Saudi-listed ACWA Power reported a 10% increase in net profit to SAR 296.2 million ($78.98 million) in the first quarter of 2024.

The higher profit was driven by an increase in share in net results of equity-accounted investees, as well as higher other operating and finance income, the company said in a statement published on the Saudi stock exchange on Thursday.

The company, however, reported higher impairment loss and higher finance charges.

Quarter-on-quarter profit fell 49% from SAR 579 million in Q4 2023.

Revenue fell 6% to SAR 1.25 billion during the quarter from SAR 1.33 billion a year ago due to lower development and construction management fees from projects and lower finance lease income due to a forced outage in one of its plants in Morocco.

In April, the company shareholders approved a cash dividend payout of SAR 329 million for 2023 and a one-for-500 bonus share distribution.

(Editing by Seban Scaria