ACWA Power's preliminary financial results revealed that its net profits increased by 52.17% year-on-year during the second quarter of 2024, while jumping by about 113% quarter-on-quarter.
The company explained, according to a statement issued today, Sunday, on the Saudi Stock Exchange, that the net profit after zakat and tax amounted to about 630.62 million riyals, compared to 414.40 million riyals in the comparative quarter of last year, while it recorded about 296.17 million riyals in the first quarter of 2024.
The company said that the reason for the increase in net profit during the second quarter of this year is due to several factors, including the increase in gross profit, which is mainly due to the increase in revenues, the increase in profits from divesting assets, in addition to the increase in the share in the results of companies invested in using the equity method, and the increase in financial revenues.
These increases were partially offset by: higher project development costs, higher general and administrative expenses, higher financing expenses, and higher zakat and income tax expenses.
As for the company's profits during the first half of 2024, they amounted to about 926.79 million riyals, compared to 684.14 million riyals in the comparative half of last year.
