PIF-owned ACWA Power’s shares rise despite lower profits

RIYADH: Leading Saudi utility firm ACWA Power Co. opened Thursday’s trading session with a gain of 0.18 percent, despite falling profit.

The share price reached SR110.60 ($29.49) as of 10:55 a.m. Saudi time, extending gains from SR110.4 a day earlier.

The shares moved up despite ACWA reporting a 17 percent decline in profit to SR744 million for 2021.