ACWA Power 9M 2021 profit drops 51% to SAR 420 mln

International Company for Water and Power Projects (ACWA Power) reported a net profit after Zakat and tax of SAR 420 million in the first nine months of 2021, down 51% from SAR 850 million in the same period a year ago.

The company attributed the profit drop to the recognition of share-based payments expenses related to the initial public offering (IPO),  lower share in net results of the equity accounted investees due to the accelerated depreciation in two oil-fired assets in Saudi Arabia. The company also cited long-term incentive plan expenses and an increase in Zakat and tax charges.  

These were partly offset by increased development and construction management services and further supported by improved results from the group’s operation and maintenance (O&M) business.

The utilities provider turned to a net loss after Zakat and tax of SAR 27 million in Q3 2021 from a profit of SAR 524 million in Q3 2020, on weak development and construction management services in the current quarter. 

On a sequential basis, the company turned to losses in Q3 2021 due to higher Zakat and tax charge.

Shareholders’ equity, without minority interest, stood at SAR 8.425 billion by the end of 9M 2021 compared to SAR 8.807 billion in the same period a year ago.

View more financial results