ACWA Power net profit up 10% to SAR 296.2M in Q1 2024

09/05/2024 Argaam Exclusive

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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.

Current Quarter Comparison (M)

Compared With The

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	732.56	732.56	-
EPS (Riyals)	0.37	0.40	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	732.56	732.56	-
EPS (Riyals)	0.79	0.40	(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.

Attached Documents:

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	3,782.90	-	1,610.35	-	785.34	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	3,227.83	(14.7 %)	1,309.55	(18.7 %)	715.31	(8.9 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	853.13	-	362.69	-	194.22	-
Q4 2019	1,322.80	-	703.93	-	489.86	-
2019	4,115.00	27.5 %	2,086.20	59.3 %	1,417.66	98.2 %
Q1 2020	1,062.77	-	468.07	-	296.00	-
Q2 2020	1,208.09	-	711.37	-	355.24	-
Q3 2020	1,367.15	60.3 %	754.29	108.0 %	603.18	210.6 %
Q4 2020	1,191.10	(10.0 %)	594.03	(15.6 %)	311.60	(36.4 %)
2020	4,829.11	17.4 %	2,527.75	21.2 %	1,566.01	10.5 %
Q1 2021	1,242.76	16.9 %	661.45	41.3 %	402.89	36.1 %
Q2 2021	1,251.76	3.6 %	700.65	(1.5 %)	461.73	30.0 %
Q3 2021	1,268.81	(7.2 %)	708.01	(6.1 %)	469.06	(22.2 %)
Q4 2021	1,472.07	23.6 %	781.61	31.6 %	465.90	49.5 %
2021	5,235.39	8.4 %	2,851.72	12.8 %	1,793.60	14.5 %
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 %
Q1 2023	1,331.44	15.6 %	701.45	20.2 %	427.85	25.6 %
Q2 2023	1,411.92	9.1 %	794.17	18.3 %	510.06	14.6 %
Q3 2023	1,542.13	22.1 %	877.49	26.3 %	535.27	5.3 %
Q4 2023	1,809.52	15.4 %	1,122.08	25.5 %	715.73	47.3 %
2023	6,095.01	15.5 %	3,495.18	22.0 %	2,188.91	21.6 %
Q1 2024	1,251.76	(6.0 %)	620.55	(11.5 %)	249.92	(41.6 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	3,782.90	-	1,610.35	-	785.34	-
2018	3,227.83	(14.7 %)	1,309.55	(18.7 %)	715.31	(8.9 %)
2019	4,115.00	27.5 %	2,086.20	59.3 %	1,417.66	98.2 %
2020	4,829.11	17.4 %	2,527.75	21.2 %	1,566.01	10.5 %
2021	5,235.39	8.4 %	2,851.72	12.8 %	1,793.60	14.5 %
2022	5,275.93	0.8 %	2,865.35	0.5 %	1,800.57	0.4 %
2023	6,095.01	15.5 %	3,495.18	22.0 %	2,188.91	21.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	920.24	-	1.26	-	920.24	1.26
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	(773.84)	(184.1 %)	(1.06)	(1228.39)	454.55	0.62
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	87.28	-	0.12	-	87.28	0.12
Q4 2019	1,038.81	-	1.42	(325.85)	1,364.66	1.86
2019	1,173.87	251.7 %	1.60	(325.85)	1,499.71	2.05
Q1 2020	104.63	-	0.14	-	104.63	0.14
Q2 2020	221.02	-	0.30	-	221.02	0.30
Q3 2020	524.25	500.6 %	0.72	-	524.25	0.72
Q4 2020	32.67	(96.9 %)	0.04	(149.79)	182.46	0.25
2020	882.57	(24.8 %)	1.20	(149.79)	1,032.35	1.41
Q1 2021	139.04	32.9 %	0.19	-	139.04	0.19
Q2 2021	307.85	39.3 %	0.42	(60.02)	367.87	0.50
Q3 2021	(26.94)	(105.1 %)	(0.04)	(308.50)	281.56	0.38
Q4 2021	338.85	937.1 %	0.46	-	338.85	0.46
2021	758.80	(14.0 %)	1.04	(368.52)	1,127.32	1.54
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
Q1 2023	269.74	77.6 %	0.37	-	269.74	0.37
Q2 2023	414.40	6.3 %	0.57	-	414.40	0.57
Q3 2023	397.94	16.5 %	0.54	88.68	309.26	0.42
Q4 2023	579.64	(11.7 %)	0.79	31.58	548.06	0.75
2023	1,661.71	7.9 %	2.27	120.26	1,541.46	2.10
Q1 2024	296.17	9.8 %	0.40	209.34	86.83	0.12

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	920.24	-	1.26	-	920.24	1.26
2018	(773.84)	(184.1 %)	(1.06)	(1228.39)	454.55	0.62
2019	1,173.87	251.7 %	1.60	(325.85)	1,499.71	2.05
2020	882.57	(24.8 %)	1.20	(149.79)	1,032.35	1.41
2021	758.80	(14.0 %)	1.04	(368.52)	1,127.32	1.54
2022	1,540.04	103.0 %	2.10	459.11	1,080.92	1.48
2023	1,661.71	7.9 %	2.27	120.26	1,541.46	2.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	42.57 %	28.02 %	24.33 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	40.57 %	33.49 %	14.08 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	50.70 %	44.62 %	36.44 %
Q1 2020	-	-	-
Q2 2020	50.51 %	39.61 %	39.97 %
Q3 2020	53.17 %	46.71 %	44.64 %
Q4 2020	52.34 %	44.18 %	21.38 %
2020	52.34 %	44.18 %	21.38 %
Q1 2021	54.32 %	44.71 %	21.30 %
Q2 2021	53.64 %	46.92 %	24.02 %
Q3 2021	53.77 %	45.26 %	19.60 %
Q4 2021	54.47 %	46.23 %	21.53 %
2021	54.47 %	46.12 %	21.53 %
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 %
Q1 2023	54.28 %	42.71 %	22.86 %
Q2 2023	55.34 %	42.96 %	22.82 %
Q3 2023	55.82 %	41.33 %	21.39 %
Q4 2023	57.34 %	43.51 %	25.29 %
2023	57.34 %	43.51 %	25.29 %
Q1 2024	56.76 %	41.21 %	22.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	42.57 %	28.02 %	24.33 %
2018	40.57 %	33.49 %	14.08 %
2019	50.70 %	44.62 %	36.44 %
2020	52.34 %	44.18 %	21.38 %
2021	54.47 %	46.12 %	21.53 %
2022	54.31 %	42.96 %	20.49 %
2023	57.34 %	43.51 %	25.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	42.51 %	-	10.23 %
Q4 2019	53.22 %	47.72 %	103.16 %
Q1 2020	44.04 %	41.00 %	9.84 %
Q2 2020	58.88 %	41.41 %	18.30 %
Q3 2020	55.17 %	54.84 %	38.35 %
Q4 2020	49.87 %	37.58 %	15.32 %
Q1 2021	53.22 %	43.62 %	11.19 %
Q2 2021	55.97 %	50.45 %	29.39 %
Q3 2021	55.80 %	48.94 %	22.19 %
Q4 2021	53.10 %	42.52 %	23.02 %
Q1 2022	50.68 %	39.63 %	8.96 %
Q2 2022	51.87 %	43.27 %	30.14 %
Q3 2022	55.03 %	49.54 %	26.05 %
Q4 2022	57.03 %	38.53 %	16.51 %
Q1 2023	52.68 %	40.62 %	20.26 %
Q2 2023	56.25 %	44.20 %	29.35 %
Q3 2023	56.90 %	42.17 %	20.05 %
Q4 2023	62.01 %	46.25 %	30.29 %
Q1 2024	49.57 %	29.39 %	6.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	732.56	-	-	12.02
Q4 2019	732.56	-	-	13.52
Q1 2020	732.56	-	-	-
Q2 2020	732.56	1.98	2.43	-
Q3 2020	732.56	2.58	3.02	12.02
Q4 2020	732.56	1.20	1.41	9.38
Q1 2021	732.56	1.25	1.46	11.00
Q2 2021	732.56	1.37	1.66	11.16
Q3 2021	732.56	0.62	1.33	11.50
Q4 2021	732.56	1.04	1.54	18.41
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
Q1 2023	732.56	2.26	1.70	24.97
Q2 2023	732.56	2.30	1.74	25.97
Q3 2023	732.56	2.37	1.71	29.58
Q4 2023	732.56	2.27	2.10	26.15
Q1 2024	732.56	2.30	1.85	28.28

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	732.56	1.26	1.26	11.60
2018	732.56	(1.06)	0.62	13.23
2019	732.56	1.60	2.05	13.52
2020	732.56	1.20	1.41	9.38
2021	732.56	1.04	1.54	18.41
2022	732.56	2.10	1.48	25.47
2023	732.56	2.27	2.10	26.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	80.93	54.48	4.55
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
Q1 2023	62.00	82.40	5.62
Q2 2023	72.48	95.87	6.41
Q3 2023	82.25	More than 100	6.60
Q4 2023	More than 100	More than 100	9.81
Q1 2024	More than 100	More than 100	11.54

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	80.93	54.48	4.55
2022	72.16	More than 100	5.96
2023	More than 100	More than 100	9.81

Business Segments (Million)

Compared With The

Period	Thermal Desalination Station	Renewable Energy Sources	Other activities	Water and power generation parts	services segment
Q1 2020	929.91	126.09	6.77	-	-
Q2 2020	932.92	263.56	11.61	-	-
Q3 2020	1,102.49	262.85	1.82	-	-
Q4 2020	1,020.98	164.16	5.97	-	-
Q1 2021	1,040.37	200.92	1.47	-	-
Q2 2021	944.68	302.78	4.30	-	-
Q3 2021	1,013.72	248.24	6.86	-	-
Q4 2021	1,191.67	275.56	4.85	-	-
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	-	-
Q1 2023	1,080.84	237.94	12.67	-	-
Q2 2023	1,066.11	342.39	3.42	-	-
Q3 2023	1,131.81	401.02	9.29	-	-
Q4 2023	1,239.86	589.97	(20.31)	-	-
Q1 2024	1,041.16	206.24	4.36	-	-

Period	Thermal Desalination Station	Renewable Energy Sources	Other activities	Water and power generation parts	services segment
2017	-	-	-	1,810.42	1,706.71
2018	-	-	-	1,539.84	1,688.00
2019	3,267.42	823.45	24.12	-	-
2020	3,986.29	816.65	26.17	-	-
2021	4,190.44	1,027.49	17.46	-	-
2022	4,257.86	1,017.85	0.22	-	-
2023	4,518.62	1,571.31	5.08	-	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	563.17	296.17	(47.4 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Hermes	402.00	296.17	(26.3) %
Al Rajhi Capital	572.00	296.17	(48.2) %
Citi Bank Group	715.50	296.17	(58.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	286,577.47
Enterprise Value (EV) (M)	309,417.09
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	15.47
Return on Average Assets (%) (TTM)	3.3
Return on Average Equity (%) (TTM)	9.1

ACWA POWER Co. (ACWA POWER)

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ACWA Power net profit up 10% to SAR 296.2M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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ACWA Power net profit up 10% to SAR 296.2M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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Business Segments (Million)