Saudi's ACWA Power revs up after $1.5 bln agreement with Power China

China Power Equipment

11/12/2022 08:49

** Shares of ACWA Power  2082.SE  jumped as much as 5.1% to 139
riyals 
    ** The private utility firm said on Friday it has signed a
$1.5 bln agreement with Power China  urn:newsml:reuters.com:*:nS8N2YP08D
    ** Earlier last month, the company reported Q3 earnings in
which it swung back to a profit of 341.7 mln riyals ($90.88
mln), from a loss of 26.9 mln riyals a year earlier
    ** On Nov. 30, it also said it had signed agreements to
develop the largest solar plant in the Middle East  urn:newsml:reuters.com:*:nL1N32Q0HE
    ** Shares on track for best day in nearly two months
    ** With session's rise, stock has gained 65.48% YTD
    ** Two of three brokerages rate the stock "hold", while one
has "sell" and higher; with median PT 73.50 riyals - Refinitiv
Eikon data
    ** Saudi Arabia's benchmark index  .TASI  was up 0.6%
($1 = 3.7600 riyals)
 (Reporting by Shamsuddin Mohd in Bengaluru)
 ((shamsuddin.mohd@thomsonreuters.com))