ACWA Power 9M 2022 net profit surges to SAR 883.4 mln; Q3 at SAR 341.7 mln

ACWA Power Co. reported a net profit after Zakat and tax of SAR 883.4 million for the first nine months of 2022, a hike of 110.4%, compared to SAR 419.9 million in the year-earlier period.

The rise was driven by lower cost of development, provisions, and write-offs during the current period.

Provisions for impairment and other expenses witnessed a decline during the current period mainly due to the share-based payment expenses that were recognized in the corresponding period of 2021 following the IPO.

In addition, operating income and other income grew as a result of higher interest income and fair value gains on derivatives.

This came though there was an increase in deferred tax fees on Moroccan dirham depreciation against US dollar, as well as a retreat in revenue on unscheduled outages in several stations.

In Q3 2022, the company reported a net profit after Zakat and tax of SAR 341.7 million, against a loss of SAR 27 million in Q3 2021.

Compared to Q2 2022, net profit retreated from SAR 389.9 million.

Shareholders’ equity, after minority interest, stood at SAR 18.221 billion as of Sept. 30, 2022, up from SAR 8.425 billion a year earlier.

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