ACWA Power’s profits increased 10% during Q1 to 296.1 million riyals

ACWA Power’s net profit increased to 296.1 million riyals during the first quarter of 2024, compared to 269.7 million riyals in the same quarter of last year, a rate of 9.8%. This came following today’s announcement of the estimated financial results for the period ending on March 31, 2024 (3 months).

Operating profit amounted to 401.1 million riyals in the first quarter, compared to 558.9 million riyals in the same quarter of the previous year, a decrease of 28.2%.

Earnings per share in the current period reached 0.41 riyals, compared to 0.37 riyals in the same period last year.

– ACWA Power’s consolidated revenues decreased in the first quarter of 2024 by 80 million Saudi riyals compared to the first quarter of 2023. This decrease is mainly due to: (1) a decrease in development and construction management fees (2) a decrease in the return on financial lease contracts. This is due to the forced cessation of operations in one of the company’s projects in Morocco.

-Net profit attributable to shareholders of the parent company in the first quarter of 2024 increased by 26 million Saudi riyals compared to the first quarter of 2023. This increase is mainly due to:

– Increase in the share in the results of investee companies using the equity method (2) Increase in other operating income (3) Increase in financing and other income.

These increases were partially offset by:

– Increase in impairment calculations and other expenses (3) Increase in general and administrative expenses (3) Increase in financing expenses (4) Increase in zakat and income tax expenses.

– ACWA Power’s consolidated revenues decreased in the first quarter of 2024 by 558 million Saudi riyals compared to the fourth quarter of 2023. This decrease is mainly due to: (1) a decrease in development and construction management fees (2) a decrease in operating and maintenance revenues.

Net profit attributable to shareholders of the parent company in the first quarter of 2024 decreased by 283 million Saudi riyals compared to the fourth quarter of 2023. This decrease is mainly due to:

• (1) Decrease in gross profit resulting from a decrease in other income (2) Increase in impairment charges and other expenses (3) Increase in zakat and income tax expenses

Which is partially met by:

• (1) Increase in other income and decrease in financing costs (2) Increase in the share in the results of investee companies using the equity method (2) Decrease in general and administrative expenses.