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

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

10/11/2021 Argaam Exclusive

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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.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 3,638.01 3,763.32 3.4 %
Gross Income 1,933.72 2,070.11 7.1 %
Operating Income 1,254.41 1,327.69 5.8 %
Net Income 849.90 419.94 (50.6 %)
Average Shares 732.56 732.56 -
EPS (Riyals) 1.16 0.57 (50.6 %)

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.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 1,367.15 1,268.81 (7.2 %)
Gross Income 754.29 708.01 (6.1 %)
Operating Income 603.18 469.06 (22.2 %)
Net Income 524.25 (26.94) (105.1 %)
Average Shares 732.56 732.56 -
EPS (Riyals) 0.72 (0.04) (105.1 %)

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.

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