ACWA Power Co. posted a net profit of SAR 296.2 million in Q1 2024, a 10% increase from SAR 269.7 million a year earlier.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,331.44 | 1,251.76 | (6.0 %) |
| Gross Income | 701.45 | 620.55 | (11.5 %) |
| Operating Income | 427.85 | 249.92 | (41.6 %) |
| Net Income | 269.74 | 296.17 | 9.8 % |
| Average Shares | 714.84 | 714.84 | - |
| EPS (Riyals) | 0.38 | 0.41 | 9.8 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,809.52 | 1,251.76 | (30.8 %) |
| Gross Income | 1,122.08 | 620.55 | (44.7 %) |
| Operating Income | 715.73 | 249.92 | (65.1 %) |
| Net Income | 579.64 | 296.17 | (48.9 %) |
| Average Shares | 714.84 | 714.84 | - |
| EPS (Riyals) | 0.81 | 0.41 | (48.9 %) |
The positive performance was driven by the higher share in net results of equity accounted investees, besides increased other operating income as well as finance and other income.
This was partially offset mainly by higher impairment loss, general & administrative expenses, finance costs and Zakat & tax charges.
Sequentially, net profit fell 48.9% from SAR 579.64 million in Q4 2023, on a decline in gross profit amid lower revenues, higher impairment loss recognized and increased Zakat & tax charges.
Shareholders’ equity, excluding minority interest, stood at SAR 20.71 billion as of March 31, 2024, compared to SAR 18.29 billion a year earlier.
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