Heading: ACWA Power Shareholders Approve Buyback of 2 Million Shares for Employee Stock Incentive Program
Shareholders of Saudi energy firm ACWA Power have given their approval for the buyback of 2 million shares during an extraordinary general meeting held on June 22. The purpose of the buyback is to utilize the shares in the company’s employee stock incentive program. ACWA Power has disclosed that the buyback will be financed from the firm’s resources. The board of directors is expected to complete the buyback within 12 months from the date of the EGM. The repurchased shares will be kept for up to seven years until they are allocated to eligible employees, after which the company will follow regulatory standards and procedures.
Heading: ACWA Power Shareholders Approve 8.3% Cash Dividend for 2022
In addition to approving the share buyback, ACWA Power’s shareholders have also given their approval for an 8.3% cash dividend, equivalent to SR0.83 ($0.22) per share, for the year 2022. The board of directors will pay interim dividends on a semiannual or quarterly basis for the year 2023, with record and payment dates determined based on the company’s financial position, cash flows, and investment and expansion plans.
Heading: ACWA Power Signs $1.5 Billion Agreement for Wind Energy and Battery Storage Project in Kazakhstan
ACWA Power recently signed an agreement worth $1.5 billion with the Ministry of Energy of Kazakhstan and Samruk-Kazyna, Kazakhstan’s sovereign wealth fund, for the implementation and management of a wind energy and battery storage project. The project has a total capacity of 1 gigawatt and marks ACWA Power’s entry into the Kazakh market with an initial investment of $1.5 billion. The project aims to support Kazakhstan’s strategic plans for shifting to clean and renewable energy. The agreement was signed by Saudi Energy Minister Prince Abdulaziz bin Salman.
Heading: ACWA Power Reports Net Profit of SR1.5 Billion in 2022
ACWA Power reported a net profit of SR1.5 billion in 2022, representing a significant increase of 103% compared to the previous year. The company’s earnings per share also rose to SR2.11 in 2022 from SR1.04 in the year-earlier period. ACWA Power’s operating profit for 2022 reached SR2.61 billion, showing a growth of 13.5% compared to 2021.
Conclusion:
ACWA Power’s shareholders have approved the buyback of 2 million shares for the employee stock incentive program during an extraordinary general meeting. The company will finance the buyback from its resources and complete it within 12 months. Additionally, shareholders have approved an 8.3% cash dividend for 2022, with interim dividends to be paid in 2023 based on the company’s financial position. ACWA Power has also signed a $1.5 billion agreement for a wind energy and battery storage project in Kazakhstan, supporting the country’s transition to clean energy. The company reported a net profit of SR1.5 billion in 2022, showing significant growth compared to the previous year.