ACWA Power revealed financial performance for Q3 and year-to-date 2023
Riyadh, November 2, 2023, ACWA Power, a publicly traded entity on the Saudi Arabian Tadawul stock exchange, unveiled its financial performance for the three and nine-month periods concluding on September 30, 2023. This announcement was made in a press release issued by the company.
During the third quarter of 2023, ACWA Power reported a noteworthy operating income of SAR 814 million, excluding impairment, losses, and other expenses. This marked a substantial 25% surge compared to the same period in the previous year. The driving forces behind this remarkable performance were the increased revenue from both new projects coming online and the enhanced operational efficiency of existing ones, which exhibited improved stability compared to the previous year.
In this quarter, ACWA Power experienced a rise in its general and administrative expenses as well as provisions for project development costs. The surge can be primarily attributed to the heightened level of business development activities the company engaged in. As a result, the cumulative operating income for the initial nine months of 2023 reached SAR 2,103 million, showcasing a significant growth of 12.4% in comparison to the corresponding period in the previous year.
Furthermore, the press release indicated that the net profit, attributable to equity holders of the parent, for the year-to-date period also demonstrated a substantial increase of 22.5% when compared to the first nine months of 2022, reaching SAR 1,082 million. The principal factor contributing to this growth was the upsurge in operating income, although this was partially offset by the adverse impact of elevated net financial charges due to higher market interest rates and the company's additional Sukuk issuance in February of the current year.
To provide comprehensive transparency and accountability, ACWA Power's consolidated financial statements for the three and nine-month periods ending on September 30, 2023 were prepared by KPMG Professional Services, the company's Certified Public Accountants. Additionally, the release noted that the Interim Investment Report, inclusive of management's discussion and analysis regarding the financial results, is accessible on the company's Investor Relations page at http://acwapower.com/en/investor-relations/.