ACWA Power reported a net profit of SAR 1.08 billion for the first nine months of 2023, an increase of 23% from SAR 883.4 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 3,707.84 | 4,285.49 | 15.6 % |
| Gross Income | 1,971.02 | 2,373.10 | 20.4 % |
| Operating Income | 1,314.69 | 1,473.18 | 12.1 % |
| Net Income | 883.42 | 1,082.08 | 22.5 % |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 1.21 | 1.48 | 22.5 % |
This was driven by a rise in operating income before impairment and expenses on higher contribution from existing projects. The company also cited lower Zakat and tax charges on deferred tax credit.
Meanwhile, higher finance costs applied downward pressure on the net profit.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,262.85 | 1,542.13 | 22.1 % |
| Gross Income | 694.88 | 877.49 | 26.3 % |
| Operating Income | 508.46 | 535.27 | 5.3 % |
| Net Income | 341.70 | 397.94 | 16.5 % |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 0.47 | 0.54 | 16.5 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,411.92 | 1,542.13 | 9.2 % |
| Gross Income | 794.17 | 877.49 | 10.5 % |
| Operating Income | 510.06 | 535.27 | 4.9 % |
| Net Income | 414.40 | 397.94 | (4.0 %) |
| Average Shares | 732.56 | 732.56 | - |
| EPS (Riyals) | 0.57 | 0.54 | (4.0 %) |
Q3 2023 net earnings rose 17% YoY to SAR 397.94 million, on lower Zakat and tax charges, in addition to higher operating income before impairment and other expenses.
On a quarterly basis, net profit decreased 4% from SAR 414.40 million.
Total shareholders’ equity, after minority interest, stood at SAR 21.66 billion by Sept. 30, 2023, compared to SAR 18.22 billion in the prior-year period.
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