Logo of International Company for Water & Power Projects (ACWA Power)
International Company for Water & Power Projects (ACWA Power), which operates in the field of water and energy supply and has been recently listed on the Saudi Exchange (Tadawul), recorded its first loss since listing at SAR 27 million in the third quarter of 2021.
These losses were mainly the result of the inclusion of SAR 280 million expenses from an incentive plan consisting of shares and cash benefits for eligible employees in Q3 results, payable upon the company’s successful listing in the Saudi market, according to the shareholders' decision dated June 13.
The company's share of profits from affiliate companies also declined to SAR 56.1 million during Q3 2021, compared to SAR 136 million for the previous quarter and SAR 156.3 million for the same quarter last year.
Development costs and provisions increased to SAR 46.2 million in the three-month period compared to SAR 19.4 million for the previous period. Moreover, the company reversed SAR 1.4 million provisions during the same period a year earlier.
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Key Factors Affecting ACWA Power’s Results for Q3 2021 |
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2021 |
Q3 2020 |
Period |
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|
Q3 |
Q2 |
Q1 |
||
|
(280.0) |
0.0 |
0.0 |
0.0 |
Employees’ incentives expenses |
|
(46.2) |
(19.4) |
(29.7) |
1.4 |
Development costs and provisions |
|
56.1 |
136.2 |
1.0 |
156.3 |
Profit share in affiliate companies |
|
(41.0) |
(24.9) |
(14.7) |
20.8 |
Zakat |
The company reported a revenue of SAR 1.294 billion in Q3 2021, a 5% year-on-year (YoY) decline, on lower revenue from all operating segments, as indicated in the table below:
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Revenue by Segment |
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Period |
Q3 2020 |
Q3 2021 |
Variation |
|
Thermal and water nationdesali |
1102.4 |
1038.9 |
(6%) |
|
Renewables |
262.8 |
248.2 |
(6%) |
|
Other |
1.8 |
6.9 |
+280% |
|
Total Revenue |
1367.1 |
1294.0 |
(5%) |
The company reported a net loss of SAR 27 million for Q3 2021 compared to a net profit of SAR 524 million for the same period last year and SAR 308 million for the previous quarter.
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