ACWA Power’s profit spikes to SAR 1.54 bln in 2022, Q4 surges to SAR 656.6 mln
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ACWA Power Co. reported a spike in net profit after Zakat and tax to SAR 1.54 billion in 2022, from SAR 758.8 million in 2021.
Financials (M)
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 5,235.39 | 5,275.93 | 0.8 % |
| Gross Income | 2,851.72 | 2,865.35 | 0.5 % |
| Operating Income | 1,793.60 | 1,800.57 | 0.4 % |
| Net Income | 758.80 | 1,540.04 | 103.0 % |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 1.04 | 2.10 | 103.0 % |
The company’s robust profit was backed by higher operating income before impairment and other expenses. This was mainly attributed to new contribution or full year impact, together with the corresponding operation and maintenance (O&M) income, from projects that achieved Initial or Project Commercial Operation Dates (ICOD/PCOD) during or after 2021, along with higher contribution from development and construction management services for the projects, which achieved financial close during the year.
Project development cost, provision and write offs also declined, compared to provisions/write offs in 2021. The company recognized liquidated damages and insurance recovery pertaining to incidents in 2022 and earlier; and reported higher employee long-term incentive plan (LTIP) expenses in 2021, which were recognized for 2020 and 2021.
On the other hand, ACWA Power recorded a reversal of an impairment loss in an equity accounted investee in 2021; lower contribution from projects and higher corporate expenses.
The utility’s fourth-quarter net profit after Zakat and tax skyrocketed 94% to SAR 656.6 million, compared to SAR 338.85 million in the prior-year period.
Compared to the previous quarter, the company’s net profit soared 92.2% from SAR 341.70 million.
Current Quarter Comparison (M)
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,472.07 | 1,568.09 | 6.5 % |
| Gross Income | 781.61 | 894.33 | 14.4 % |
| Operating Income | 465.90 | 485.88 | 4.3 % |
| Net Income | 338.85 | 656.61 | 93.8 % |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 0.46 | 0.90 | 93.8 % |
Shareholders’ equity, no minority interest, stood at SAR 18.65 billion as of Dec. 31, 2022, compared to SAR 13.48 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2022 | 1,151.27 | (7.4 %) | 583.50 | (11.8 %) | 340.78 | (15.4 %) |
| Q2 2022 | 1,293.72 | 3.4 % | 671.07 | (4.2 %) | 444.93 | (3.6 %) |
| Q3 2022 | 1,262.85 | (0.5 %) | 694.88 | (1.9 %) | 508.46 | 8.4 % |
| Q4 2022 | 1,568.09 | 6.5 % | 894.33 | 14.4 % | 485.88 | 4.3 % |
| 2022 | 5,275.93 | 0.8 % | 2,865.35 | 0.5 % | 1,800.57 | 0.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2022 | 151.85 | 9.2 % | 0.21 | 48.71 | 103.15 | 0.14 |
| Q2 2022 | 389.87 | 26.6 % | 0.53 | - | 389.87 | 0.53 |
| Q3 2022 | 341.70 | 1368.3 % | 0.47 | 12.75 | 328.95 | 0.45 |
| Q4 2022 | 656.61 | 93.8 % | 0.90 | 397.66 | 258.96 | 0.35 |
| 2022 | 1,540.04 | 103.0 % | 2.10 | 459.11 | 1,080.92 | 1.48 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2022 | 53.92 % | 45.39 % | 21.22 % |
| Q2 2022 | 52.92 % | 43.64 % | 21.47 % |
| Q3 2022 | 52.72 % | 43.78 % | 22.41 % |
| Q4 2022 | 53.90 % | 42.57 % | 20.49 % |
| 2022 | 54.31 % | 42.96 % | 20.49 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2022 | 732.56 | 1.05 | 1.49 | 20.94 |
| Q2 2022 | 732.56 | 1.17 | 1.52 | 22.64 |
| Q3 2022 | 732.56 | 1.67 | 1.58 | 24.87 |
| Q4 2022 | 732.56 | 2.10 | 1.48 | 25.47 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2022 | More than 100 | 89.63 | 6.38 |
| Q2 2022 | More than 100 | 98.10 | 6.59 |
| Q3 2022 | More than 100 | More than 100 | 6.74 |
| Q4 2022 | 72.16 | More than 100 | 5.96 |
Business Segments (Million)
Q4 2022
| Period | Thermal Desalination Station | Renewable Energy Sources | Other activities | Water and power generation parts | services segment |
|---|---|---|---|---|---|
| Q1 2022 | 972.41 | 170.77 | 8.09 | - | - |
| Q2 2022 | 1,042.92 | 269.37 | (18.57) | - | - |
| Q3 2022 | 1,032.42 | 227.59 | 2.83 | - | - |
| Q4 2022 | 1,210.10 | 350.11 | 7.88 | - | - |
Analysts Estimates (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Average | 510.00 | 656.61 | 28.75 % |
Estimates vs Actual (Million)
| Item | Q4 2022 (e) | Q4 2022 (a) | Change |
|---|---|---|---|
| Hermes | 510.00 | 656.61 | 28.7 % |
| Current | |
| Market Cap (M Riyal) | 276,614.66 |
| Enterprise Value (EV) (M) | 299,454.28 |
| Shares Outstanding ((M)) | 732.56 |
| EPS ( Riyal) (TTM) | 2.50 |
| Book Value (BV) ( Riyal) | 25.28 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 14.94 |
| Return on Average Assets (%) (TTM) | 3.3 |
| Return on Average Equity (%) (TTM) | 9.1 |
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