The financial statements of ACWA Power revealed that the company turned to profitability by the end of the third quarter of this year, with a value of 341.70 million riyals, compared to losses of 26.94 million riyals in the same period last year.
ACWA Power said in a statement to the Saudi market, Tadawul, today, Thursday, that the positive shift in results during the comparison periods is mainly due to the decrease in impairment provisions and other expenses as a result of share-based payment expenses, which were recognized in the corresponding quarter of 2021 after the successful IPO.
ACWA Power also attributed the improvement in results to the increase in other income as a result of gains resulting from the change in the fair value of derivatives, in addition to the increase in the cost of development, provision and write-off during the same quarter of 2021.
This was partially offset by an increase in deferred tax fees mainly due to the depreciation of the Moroccan dirham against the dollar, the increase in financial fees and a decrease in revenues and the share in the net results of equity-invested companies due to unscheduled outages in a number of stations.
ACWA Power's revenues in the third quarter of this year amounted to about 1.26 billion riyals, compared to 1.27 billion riyals in the same period of the previous year, with a slight decrease in revenues by about 0.50%.
ACWA Power achieved a profit of 883.42 million riyals at the end of the first nine months of this year, compared to 419.94 million riyals in profits for the same period last year, with a significant increase in profits by 110.4%.
On the other hand, ACWA Power's revenues declined in the first nine months of this year by 1.50% to reach 3.71 billion riyals, compared to 3.76 billion for the corresponding period of 2021.
