ACWA Power reported a net profit after Zakat and tax of SAR 151.9 million for Q1 2022, up 9% compared with SAR 139 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,242.76 | 1,151.27 | (7.4 %) |
| Gross Income | 661.45 | 583.50 | (11.8 %) |
| Operating Income | 402.89 | 340.78 | (15.4 %) |
| Net Income | 139.04 | 151.85 | 9.2 % |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 0.19 | 0.21 | 9.2 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 1,472.07 | 1,151.27 | (21.8 %) |
| Gross Income | 781.61 | 583.50 | (25.3 %) |
| Operating Income | 465.90 | 340.78 | (26.9 %) |
| Net Income | 338.85 | 151.85 | (55.2 %) |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 0.46 | 0.21 | (55.2 %) |
The increase was mainly driven by the company’s higher share in net income from equity accounted investees, along with a rise in other operating income and other income, while general and administrative expenses edged lower.
The profit growth was partly offset by lower income from development and construction management services, a decline in finance lease income, and foreign exchange loss that climbed mainly on devaluation of the Moroccan currency.
The firm also noted an increase in Zakat and tax charges and recognition of loss on disposal for the sale of an equity accounted investee.
Sequentially, the company’s net profit slumped 55.2% from SAR 338.9 million.
Shareholders’ equity, after minority interest, increased to SAR 15.339 billion as of March 31, 2022, from SAR 8.056 billion a year earlier.
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