ACWA Power 2023 profit up 8% to SAR 1.66B; Q4 at SAR 579.6M

ACWA Power reported a net profit of SAR 1.66 billion for 2023, an increase of 8% from SAR 1.54 billion in 2022.

The profit increase was driven by a rise in operating income as contribution from existing projects increased on better plants availability, and new projects began operations in 2022/23.

ACWA Power also reported a growth in development and construction management fees, which was offset partially by lower performance liquidated damage and insurance recoveries and higher corporate general and administration expenses.

Further, 2023 earnings were supported by lower Zakat and tax charges, impairment loss and other expenses.

On the other hand, the company noted higher financial charges (net off finance income) including exchange loss, lower capital recycling gains, lower other income, and higher share of non-controlling interest.

Q4 2023 net earnings fell 12% year-on-year to SAR 579.64 million from SAR 656.61 million.

On a quarterly basis, net profit grew 45.7% from SAR 397.94 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 19.15 billion by Dec. 31, 2023, compared to SAR 18.65 billion a year earlier.

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