ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )

• Higher operating income before impairment and other expenses mainly due to higher contribution from existing projects including plants that experienced outages in the same quarter of last year; and contribution from new projects, including the respective O&M income, that achieved their ICOD/PCODs during or after the first quarter of 2022. These were partially offset by lower contribution from development and construction management services fees earned for projects; and higher general and administration expenses in line with business growth.

• Lower Zakat and tax charge mainly due to recognition of a deferred tax credit during the period mainly on account of foreign currency fluctuations in Morocco.

• Increase in other income mainly due to higher income earned on deposits and gain on change in fair value of derivatives.

• These increases in net profit were partially offset by higher finance charges mainly due to increased finance costs on account of higher market interest rates together with increased finance costs from additional debt mainly pertaining to the second tranche of Sukuk issued in February 2023.

• Lower operating income before impairment and other expenses mainly due to lower contribution from development and construction management services fees compared to the previous period; and lower other operating income compared to the previous period.

• Lower other income mainly on account of income in relation to early settlement of long-term financing and funding facilities, recognized in the previous period.

• Lower profit from discontinued operations mainly on account of a gain recognised in the previous period on sale of a 49% stake in a plant in Uzbekistan.

• These decreases in net profit were partially offset mainly by lower Zakat and tax charge; and lower impairment loss and other expenses, net.