ACWA Power’s H1 profit up 26% to SAR 684.1 mln; Q2 at SAR 414.4 mln

ACWA Power Co. reported a net profit of SAR 684.1 million in H1 2023, an increase of 26% from SAR 541.7 million in the year-earlier period.

This was driven by higher operating income before impairment and other expenses on higher contribution from existing projects as well as the contribution from the new projects.  

This was partially offset by the lower contribution from development and construction management services fees. The company also cited higher corporate general and administration expenses. 

Further, the utility reported lower Zakat and tax charges mainly because of deferred tax credit and higher other Income. 

Q2 2023 net profit reached SAR 414.4 million, rising 6% from SAR 389.8 million a year ago.

This was backed by higher operating income before impairment, and lower Zakat and tax charges mainly because of deferred tax credit.

This profit increase was partially offset by higher finance charges.

On a sequential basis, net earnings jumped 53.6% from SAR 269.7 million in Q1 2023, thanks to a rise in net operating income, other operating income and gross profit from continued operations.  

Shareholders’ equity, no minority interest, stood at SAR 19.02 billion as of June 30, 2023, compared to SAR 16.58 million a year earlier.

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