ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2022-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,262,845 | 1,268,813 | -0.47 | 1,293,723 | -2.39 |
| Gross Profit (Loss) | 694,884 | 708,007 | -1.85 | 671,067 | 3.55 |
| Operational Profit (Loss) | 652,757 | 605,440 | 7.82 | 642,161 | 1.65 |
| Net Profit (Loss) after Zakat and Tax | 341,704 | -26,941 | - | 389,869 | -12.35 |
| Total Comprehensive Income | 1,639,608 | 19,927 | 8,128.07 | 1,804,979 | -9.16 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,707,840 | 3,763,324 | -1.47 |
| Gross Profit (Loss) | 1,971,017 | 2,070,110 | -4.79 |
| Operational Profit (Loss) | 1,876,588 | 1,688,004 | 11.17 |
| Net Profit (Loss) after Zakat and Tax | 883,424 | 419,944 | 110.37 |
| Total Comprehensive Income | 5,299,957 | 1,324,345 | 300.19 |
| Total Share Holders Equity (after Deducting Minority Equity) | 18,221,356 | 8,425,162 | 116.27 |
| Profit (Loss) per Share | 1.21 | 0.65 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit attributable to equity holders of the parent for the third quarter of 2022 compared to corresponding quarter of 2021 is mainly due to: • Higher development cost, provision and write offs during corresponding quarter of 2021; • Lower impairment loss and other expenses during the current quarter mainly due to share-based payment expense that was recognised in the corresponding quarter of 2021 following successful IPO; • Increase in other income mainly due to gain on change in fair value of derivatives; • These were partly offset by an increase in deferred tax charge mainly on account of devaluation of the Moroccan Dirham against the USD; higher financial charges; and lower revenues and share in net results of equity accounted investees, due to outages in certain plants. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The decrease in net profit attributable to equity holders of the parent for the third quarter of 2022 compared to second quarter of 2022 is mainly due to: • Higher financial charges; and lower share in net results from equity accounted investees due to outages in certain plants; • These were partly offset by higher other operating income and other income complemented by improved gross profit and lower development cost, provisions and write offs. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net profit attributable to equity holders of the parent for the first nine months of 2022 compared to the same period in 2021 is mainly due to: • Lower development cost, provision and write offs during the current period; • Lower impairment loss and other expenses during the current period mainly due to share based payment expense that was recognised in the corresponding period of 2021 following successful IPO; • Increase in other operating income and other income mainly due to higher interest income and a gain on change in fair value of derivatives; • These were partly offset by an increase in deferred tax charge on mainly account of devaluation of the Moroccan Dirham against the USD; and lower revenues due to outages in certain plants. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to conform with the presentation in the current period. |
| Additional Information | A comprehensive Investor Report comprising the Company’s interim condensed consolidated financial statements and the independent auditor’s review report for the three and nine months periods ended 30 September 2022, along with the CEO’s letter to shareholders and a management discussion and analysis of the financial results, is available on ACWA’s Power’s Investor Relations website at https://acwapower.com/en/investor-relations/overview/ . The company will hold an investor conference call on November 3, 2022 at 16:00 KSA time, (13:00 GMT) following the close of trading on Tadawul. |
| Attached Documents |  |
Attachments
1667454390_12317_2362_2022-11-03_08-15-47_en.pdf1667454391_12317_2362_2022-11-03_08-15-57_en.pdf
