ACWA Power’s profits increased by 26.64% after zakat and tax, to reach about 389.87 million riyals in the second quarter of 2022, compared to a net profit of about 307.85 million riyals in the same quarter of 2021.
According to Arabiya Net, ACWA Power said in a statement that the increase in net profit in the second quarter of 2022, on an annual basis, is due to the increase in the share of net income from investee companies, which are accounted for according to the equity method, due to new projects that have started its operations after June 30, 2021.
She added that the increase is also due to the decrease in the loss of value and other expenses, which is mainly due to the decrease in the value of goodwill that was recognized in the corresponding quarter of 2021.
It indicated the increase in other sources of income as a result of the increase in the interest income earned on deposits in addition to the financing income from a related party and the gains resulting from the change in the fair value of derivatives.
This was partially offset by an increase in zakat and tax fees due to the increase in deferred tax expenses due to the depreciation of the Moroccan dirham against the US dollar.
On a quarterly basis, ACWA Power's net profit increased by 156.7% in the second quarter of 2022, compared to a net profit of about 151.85 million riyals in the first quarter of 2022.
During the first half of 2022, ACWA Power's net profit increased by 21.22% to about 541.72 million riyals after zakat and tax, compared to profits of about 446.88 million riyals in the first half of 2021.
