The International Water and Energy Works Company, ACWA Power, recorded a loss of 21.86 million riyals in the third quarter of 2021, compared to profits of 541.52 million riyals in the same quarter of the previous year.
According to Arabia Net, and on a quarterly basis, the company also turned to a loss in the third quarter, compared to profits of 309.6 million riyals in the second quarter of 2021.
In the first nine months of 2021, the company's profits decreased by 52.97% to 434 million riyals, compared to profits of 922.86 million riyals in the corresponding period of 2020.
ACWA Power said in a statement on the Saudi Tadawul today, Wednesday, that the net loss of the parent company’s shareholders in the third quarter of 2021 is 27 million, compared to a net profit of 524 million riyals in the third quarter of 2020.
The company stated that the loss is mainly due to the decrease in construction and development management services in the current quarter, and the decrease in the share of net investment results in shares that were calculated, largely due to the acceleration of depreciation charges in amortized consumption. p>
The company indicated recognizing share-based payments related to the initial public offering, increased zakat and tax fees.
