RIYADH: Shares of ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, advanced 0.11 percent at the closing bell on Thursday, following a 21 percent jump in first-half profits to SR542 million ($144 million), a bourse filing revealed.

Profits of the energy giant grew mainly in response to new projects beginning operations, which boosted income from equity-accounted investors, it said.

“With new project wins, an active new business pipeline within the utilities space that is expanding in existing and new markets, and growing technological capabilities, our development pipeline remains strong,” said Paddy Padmanathan, vice chairman and CEO of ACWA Power. 

During the first half of the year, ACWA Power signed a $900 million agreement to supply engineering, procurement, and construction services for NEOM Green Hydrogen Company and Air Products. 

Most recently, it announced the start of operations at a $797 million desalination plant in the UAE, namely Umm Al Quwain IWP.

“ACWA Power’s financial performance in the first six months demonstrates that our develop-invest-operate-optimise model is continuing to deliver robust results, even in unsettled times. We have grown in line with expectations, working diligently to mitigate geopolitical and global financial and supply chain disruptions,” the CEO said.

With an SR251 billion portfolio, ACWA Power was the second largest utility company on the Saudi bourse after Saudi Electricity Co.