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Saudi Arabia’s ACWA Power saw its profits fall in its first results announcement since its stock market float in October, which it attributed to IPO share-based payments.
In a statement to the Saudi Stock Exchange (Tadawul) the company reported profits of SAR 757 million ($202 million) for the year ended 31 December 2021, down by 17.5 percent from 2020.
It reported revenue of SAR 5.36 billion, up from SAR 4.83 billion in 2020.
ACWA Power said the decrease in profits was mainly driven by recognition of share-based payments expense related to its initial public offering (IPO) which took place in October.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
