PIF-owned ACWA Power proposes $150m dividends for 2021

RIYADH: The board of Saudi utility ACWA Power Co. has proposed a dividend payout of SR563 million ($150 million) for 2021.

Shareholders will receive SR0.77 per share on a date that will be announced later, according to a bourse filing.

The Public Investment Fund-owned ACWA Power had earlier reported a 9 percent increase in first-quarter profit to SR152 million.

Profits grew mainly due to the contribution of projects that began operating, which drove a higher share of net income from equity-accounted investors.

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