ACWA Power 9M 2021 profit drops 51% to SAR 420 mln

10/11/2021 Argaam Exclusive

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International Company for Water and Power Projects (ACWA Power) reported a net profit after Zakat and tax of SAR 420 million in the first nine months of 2021, down 51% from SAR 850 million in the same period a year ago.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	3,638.01	3,763.32	3.4 %
Gross Income	1,933.72	2,070.11	7.1 %
Operating Income	1,254.41	1,327.69	5.8 %
Net Income	849.90	419.94	(50.6 %)
Average Shares	738.44	738.44	-
Earnings Per Share before unusual items (Riyals)	1.15	1.07	(7.2 %)
EPS (Riyal)	1.15	0.57	(50.6 %)

The company attributed the profit drop to the recognition of share-based payments expenses related to the initial public offering (IPO), lower share in net results of the equity accounted investees due to the accelerated depreciation in two oil-fired assets in Saudi Arabia. The company also cited long-term incentive plan expenses and an increase in Zakat and tax charges.

These were partly offset by increased development and construction management services and further supported by improved results from the group’s operation and maintenance (O&M) business.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	1,367.15	1,268.81	(7.2 %)
Gross Income	754.29	708.01	(6.1 %)
Operating Income	603.18	469.06	(22.2 %)
Net Income	524.25	(26.94)	(105.1 %)
Average Shares	738.44	738.44	-
Earnings Per Share before unusual items (Riyal)	0.71	0.38	(46.3 %)
EPS (Riyal)	0.71	(0.04)	(105.1 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	1,251.76	1,268.81	1.4 %
Gross Income	700.65	708.01	1.0 %
Operating Income	461.73	469.06	1.6 %
Net Income	307.85	(26.94)	(108.8 %)
Average Shares	738.44	738.44	-
Earnings Per Share before unusual items (Riyal)	0.50	0.38	(23.5 %)
EPS (Riyal)	0.42	(0.04)	(108.8 %)

The utilities provider turned to a net loss after Zakat and tax of SAR 27 million in Q3 2021 from a profit of SAR 524 million in Q3 2020, on weak development and construction management services in the current quarter.

On a sequential basis, the company turned to losses in Q3 2021 due to higher Zakat and tax charge.

Shareholders’ equity, without minority interest, stood at SAR 8.425 billion by the end of 9M 2021 compared to SAR 8.807 billion in the same period a year ago.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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	-	1.25	-	920.24	1.25
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	(773.84)	(184.1 %)	(1.05)	(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	-	1.41	(325.85)	1,364.66	1.85
2019	1,173.87	251.7 %	1.59	(325.85)	1,499.71	2.03
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 %	0.71	-	524.25	0.71
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	1.40
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	920.24	-	1.25	-	920.24	1.25
2018	(773.84)	(184.1 %)	(1.05)	(1228.39)	454.55	0.62
2019	1,173.87	251.7 %	1.59	(325.85)	1,499.71	2.03
2020	882.57	(24.8 %)	1.20	(149.79)	1,032.35	1.40

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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 %	-	39.97 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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	738.44	-	-	11.92
Q4 2019	738.44	-	-	13.41
Q1 2020	738.44	-	-	11.18
Q2 2020	738.44	1.97	2.41	11.05
Q3 2020	738.44	2.56	3.00	11.93
Q4 2020	738.44	1.20	1.40	9.30
Q1 2021	738.44	1.24	1.44	10.91
Q2 2021	738.44	1.36	1.64	11.07
Q3 2021	738.44	0.61	1.31	11.41

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	738.44	1.25	1.25	11.51
2018	738.44	(1.05)	0.62	13.12
2019	738.44	1.59	2.03	13.41
2020	738.44	1.20	1.40	9.30

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	-	-	-

Period	P/E	Recurring P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-

Business Segments (Million)

Compared With The

Period	Electricity Generation and Thermal Water Desalination	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	-	-

Period	Electricity Generation and Thermal Water Desalination	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	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	154,984.43
Enterprise Value (EV) (M Riyal)	182,863.97
Shares Outstanding ((M))	766.49
EPS ( Riyal) (TTM)	2.36
Book Value (BV) ( Riyal)	29.08
Par Value ( Riyal)	10.00
Recurring P/E	More than 100
P/E (TTM)	89.11
Price/book	7.22
Return on Average Assets (%) (TTM)	3.0
Return on Average Equity (%) (TTM)	8.3
EV/adj EBITDA	79.96
EV/Revenues	25.41

ACWA POWER Co. (ACWA POWER)

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ACWA Power 9M 2021 profit drops 51% to SAR 420 mln

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Financials (M)

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)

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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ACWA Power 9M 2021 profit drops 51% to SAR 420 mln

View other reports

Financials (M)

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)

Business Segments (Million) Q3 2021

Revenue by Business Segment (Latest) 2021 Q3

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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Business Segments (Million)