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Saudi Arabia: ACWA profits up

In Saudi Arabia, ACWA Power announces its third quarter and current year financial results.

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In Saudi Arabia, ACWA Power announces its third quarter and current year financial results.

Increasing profits

In Saudi Arabia ACWA Power, for the first nine months of 2022, recorded a consolidated net profit of SAR 883 million. This represents a 110% increase over the same period last year. This increase is due to the strong growth of the operating result of thecompany listed on the Saudi Tadawul stock exchange.

ACWA Power’s adjusted net income, as of the end of September, is up 7% compared to the same period in 2021. However, this profit excludes the impact of exceptional and non-routine expenses. This result was achieved despite the deferred losses incurred by the subsidiaries in Morocco due to the devaluation of the Moroccan dirham.

Operating income before depreciation and other expenses at the end of September amounted to SAR 1,877 million. This is equivalent to an 11% increase. Thus, this represents 189 million SAR, compared to the same period last year.

A stock market performance

This increase is achieved despite production shutdowns at four facilities.In June of this year, ACWA Power’s ordinary general meeting approves the dividend distribution for the year 2021. This represents a total amount of SAR 563 million, or SAR 0.77 per share.

This profit gap is the result of new or additional revenues. They are from projects reaching their commercial operation date after September 2021. In September of this year, ACWA Power entered into a sales agreement with Silk Road Fund of China.

This is a 49% stake in its wholly owned subsidiary, ACWA Power Uzbekistan Project Holding Company. The sale should take place before the end of the year. ACWA Power is one of Tadawul’s best performers so far in 2022 in terms of share price.

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