ACWA Power 9M 2023 net profit up 23% to SAR 1.08 bln; Q3 at SAR 397.9 mln

ACWA Power reported a net profit of SAR 1.08 billion for the first nine months of 2023, an increase of 23% from SAR 883.4 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	3,707.84	4,285.49	15.6 %
Gross Income	1,971.02	2,373.10	20.4 %
Operating Income	1,314.69	1,473.18	12.1 %
Net Income	883.42	1,082.08	22.5 %
Average Shares	732.56	732.56	-
EPS (Riyals)	1.21	1.48	22.5 %

This was driven by a rise in operating income before impairment and expenses on higher contribution from existing projects. The company also cited lower Zakat and tax charges on deferred tax credit.

Meanwhile, higher finance costs applied downward pressure on the net profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	1,262.85	1,542.13	22.1 %
Gross Income	694.88	877.49	26.3 %
Operating Income	508.46	535.27	5.3 %
Net Income	341.70	397.94	16.5 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.47	0.54	16.5 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	1,411.92	1,542.13	9.2 %
Gross Income	794.17	877.49	10.5 %
Operating Income	510.06	535.27	4.9 %
Net Income	414.40	397.94	(4.0 %)
Average Shares	732.56	732.56	-
EPS (Riyals)	0.57	0.54	(4.0 %)

Q3 2023 net earnings rose 17% YoY to SAR 397.94 million, on lower Zakat and tax charges, in addition to higher operating income before impairment and other expenses.

On a quarterly basis, net profit decreased 4% from SAR 414.40 million.

Total shareholders’ equity, after minority interest, stood at SAR 21.66 billion by Sept. 30, 2023, compared to SAR 18.22 billion in the prior-year period.

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Share Price

ACWA POWER Co. (ACWA POWER)

	Current
Market Cap (M Riyal)	337,124.11
Enterprise Value (EV) (M)	359,454.45
Shares Outstanding ((M))	732.56
EPS ( Riyal) (TTM)	2.60
Book Value (BV) ( Riyal)	28.14
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	16.36
Return on Average Assets (%) (TTM)	3.6
Return on Average Equity (%) (TTM)	9.6

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ACWA Power 9M 2023 net profit up 23% to SAR 1.08 bln; Q3 at SAR 397.9 mln

Financials (M)

Current Quarter Comparison (M)

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Share Price

ACWA POWER Co. (ACWA POWER)

Financial Ratios

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