RIYADH: Saudi International Co. for Power and Water Projects, known as ACWA Power, saw its share price soar 16 percent to reach SR84.6 ($23) on Jan. 4, 2022, following a stellar debut on the Kingdom’s stock exchange late last year.
The company pulled in strong investor interest in its first quarter — even as it reported a net loss in its first-ever quarterly results.
ACWA Power has so far provided a good bet for investors seeking clean energy projects that align with the Kingdom’s efforts to diversify the economy.
On debut the stock recorded a 30-percent hike after striking Saudi Arabia’s first initial public offering exceeding $1 billion since the oil giant Aramco listed in 2019.
With a $67.2 billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after Saudi Electricity Co.
The homegrown company currently owns 66 projects and is a long-term operator of power generation and water desalination projects worldwide.
The company's recent strategy is part of the Kingdom’s transition to renewable energy in line with Vision 2030.
Post-listing, the company reported a SR21.9 million loss in the third quarter of 2021, driven by one-off transactions.
The company, established in 2004, is half-owned by the Saudi sovereign wealth fund, better known as the Public Investment Fund, or PIF.
