RIYADH: Leading energy firm ACWA Power Co. posted a 17 percent profit drop in its first annual results following its initial public offering on the Saudi exchange last year.

The profits of the Public Investment Fund-owned company dropped to SR744 million ($198 million) in 2021, compared to SR902 million a year earlier, according to a bourse filing.

Costs associated with factors including project funding, Sukuk issuances, refinancing, and capital recycling weighed on the homegrown company’s profits, it said in a statement.

“Looking ahead, there is a very visible pipeline of new power and water projects as well as a large hydrogen market that ACWA Power is well placed to convert into a fair share of business growth in the coming years,” said the company’s CEO, Paddy Padmanathan.

With a SR251 billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after Saudi Electricity Co.

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