ACWA Power 2021 profit down 14% to SAR 758.8 mln; Q4 profit at SAR 338.9 mln

ACWA Power reported a net profit after Zakat and tax of SAR 882.6 million for 2021, down 14% compared with SAR 758.8 million a year earlier.

The profit decline was mainly due to the recognition of share-based payments expense related to the initial public offering (IPO), which was disclosed in the IPO prospectus, as well as recognition of the long-term incentive plan.

The company also cited an increase in Zakat and tax charges, as well as a decline in share from subsidiaries’ profit on account of accelerated depreciation in two oil-fired assets in Saudi Arabia and an impairment loss, partly offset by positive results from new projects which started operating in 2021.

However, this was partly offset by higher development and construction management services revenue after several projects achieved financial close and higher operation and maintenance income on account of projects achieving their initial or project commercial operation dates.

Q4 2021 net profit reached SAR 338.85 million, compared with SAR 32.67 million a year earlier.

Sequentially, the company turned from a loss of SAR 26.94 million in Q3 2021.

Total shareholders’ equity reached SAR 13.484 billion in 2021, compared with SAR 6.869 billion a year earlier.

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