Photo from ACWA Power.
Saudi Arabia-based ACWA Power logged a 110% year-on-year (YoY) increase in net profit to SAR883m due to growth in operating income before impairment and other expenses.
In a statement, the operating income before impairment loss and other expenses jumped 11% YoY to around $1.9b on the back of new or additional income from projects that commenced operations after September 2021 and those that were partially operating during the same period last year.
This was also achieved despite the outages in four facilities.
ACWA Power added that the net profit increase was also supported by other income and also by lower profit due to one-off or non-routine expenses during the same period last year.
The company’s adjusted net profit after excluding the impact of the one-off and non-routine expenses rose by 7% YoY despite the additional deferred tax losses levered on its subsidiaries in Morocco because of the devaluation of the Moroccan Dirham.
“ACWA Power’s unique position in Saudi Arabia and strategic penetration in international high-growth markets has resulted in robust portfolio growth across our renewable energy, water desalination, and green hydrogen assets. Our business results demonstrate our ability to stay on course despite disruptive global conditions,” said ACWA Power Chairman Mohammad Abunayyan.
He added that they have accomplished a number of financial and project milestones over the period including tapping China’s Silk Road Fund as a co-investor for the Sirdarya CCGT project in Uzbekistan.
