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

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 738.44 738.44 -
Earnings Per Share before unusual items (Riyal) 0.37 0.07 (81.3 %)
EPS (Riyal) 0.37 0.40 9.8 %

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:

 

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 853.13 - 362.69 - 194.22 -
Q4 2019 1,322.80 - 703.93 - 489.86 -
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 %)
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 %
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 %
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 %
Q1 2024 1,251.76 (6.0 %) 620.55 (11.5 %) 249.92 (41.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 87.28 - 0.12 - 87.28 0.12
Q4 2019 1,038.81 - 1.41 (325.85) 1,364.66 1.85
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
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
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 % 0.46 12.75 328.95 0.45
Q4 2022 656.61 93.8 % 0.89 397.66 258.96 0.35
Q1 2023 269.74 77.6 % 0.37 - 269.74 0.37
Q2 2023 414.40 6.3 % 0.56 - 414.40 0.56
Q3 2023 397.94 16.5 % 0.54 88.68 309.26 0.42
Q4 2023 579.64 (11.7 %) 0.78 31.58 548.06 0.74
Q1 2024 296.17 9.8 % 0.40 245.79 50.38 0.07

Profitability

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 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 50.51 % - 39.97 %
Q3 2020 53.17 % 46.71 % 44.64 %
Q4 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 %
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 %
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 % 21.98 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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 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
Q4 2021 738.44 1.03 1.53 18.26
Q1 2022 738.44 1.04 1.48 20.77
Q2 2022 738.44 1.16 1.51 22.46
Q3 2022 738.44 1.66 1.57 24.68
Q4 2022 738.44 2.09 1.46 25.27
Q1 2023 738.44 2.25 1.69 24.77
Q2 2023 738.44 2.28 1.72 25.77
Q3 2023 738.44 2.35 1.70 29.34
Q4 2023 738.44 2.25 2.09 25.94
Q1 2024 738.44 2.29 1.79 28.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring 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 84.01 56.55 4.73
Q1 2022 More than 100 93.04 6.62
Q2 2022 More than 100 More than 100 6.84
Q3 2022 More than 100 More than 100 7.00
Q4 2022 74.90 More than 100 6.18
Q1 2023 64.36 85.53 5.83
Q2 2023 75.24 99.51 6.65
Q3 2023 85.38 More than 100 6.85
Q4 2023 More than 100 More than 100 10.18
Q1 2024 More than 100 More than 100 11.98

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 - -
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 - -
Q1 2024 1,041.16 206.24 4.36 - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 563.17 296.17 50.38

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Hermes 402.00 296.17 50.38
Al Rajhi Capital 572.00 296.17 50.38
Citi Bank Group 715.50 296.17 50.38


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
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Share Price

ACWA POWER Co.
202.20
(1.10) (0.54 %)

ACWA POWER Co. (ACWA POWER)

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