Financial Results : ACWA Power net profit jumps 36% to SAR 926.8M in H1 2024; Q2 at SAR 630.6M

ACWA Power net profit jumps 36% to SAR 926.8M in H1 2024; Q2 at SAR 630.6M

04/08/2024 Argaam Exclusive

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ACWA Power Co. posted a net profit rise of 36% to SAR 926.8 million in H1 2024, from SAR 684.1 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 2,743.36 2,814.33 2.6 %
Gross Income 1,495.62 1,457.46 (2.6 %)
Operating Income 937.91 608.40 (35.1 %)
Net Income 684.14 926.79 35.5 %
Average Shares 738.44 738.44 -
Earnings Per Share before unusual items (Riyals) 0.93 0.38 (59.2 %)
EPS (Riyal) 0.93 1.26 35.5 %

The first-half net profit was bolstered by higher gross profit on higher revenue, and gains from divestment.

 

The renewable energy major also reported a rise in its profit share from equity-accounted investees, and higher finance income. The results were partially offset mainly by higher project development costs, increased general and administrative expenses (G&A), finance costs, as well as Zakat and tax charges.

 

In Q2 2024, the company’s bottom line jumped 52.2% to SAR 630.6 million from SAR 414.4 million in the second quarter of 2023 on better gross profit primarily due to higher revenue.

 

Meanwhile, net earnings more than doubled from SAR 296.1 million in Q1 2024. ACWA Power reported a rise in gross profit, and higher operation and maintenance revenue.

 

Revenue from development business and construction management services delivered to projects also increased, along with better revenue from the sale of electricity quarter-on-quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,411.92 1,562.57 10.7 %
Gross Income 794.17 836.91 5.4 %
Operating Income 510.06 358.64 (29.7 %)
Net Income 414.40 630.62 52.2 %
Average Shares 738.44 738.44 -
Earnings Per Share before unusual items (Riyal) 0.56 0.31 (44.8 %)
EPS (Riyal) 0.56 0.85 52.2 %

Shareholders’ equity, after minority interest, reached SAR 20.61 billion by June 30, 2024, compared to SAR 19.02 billion in the prior-year period.

 

Attached Document:

 

View more financial results

 


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 %)
Q2 2024 1,562.57 10.7 % 836.91 5.4 % 358.64 (29.7 %)


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
Q2 2024 630.62 52.2 % 0.85 401.70 228.92 0.31

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 %
Q2 2024 56.07 % 37.78 % 18.43 %


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
Q2 2024 738.44 2.58 1.54 27.91

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
Q2 2024 More than 100 More than 100 12.99

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 - -
Q2 2024 1,151.80 405.70 5.07 - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 413.87 630.62 228.92

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Hermes 471.00 630.62 228.92
Citi Bank Group 438.46 630.62 228.92
YAQEEN 381.00 630.62 228.92
Al Rajhi Capital 365.00 630.62 228.92


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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