Saudi-Based ACWA Power’s Full-Year Profit Rises 7.9% To $443M On Higher Contribution From Existing Projects

The Saudi-based ACWA Power Co. said on Thursday that its net profit increased 7.9% year over year to $443.2 million (SAR 1.7 billion) in 2023.

Higher contributions from ongoing projects owing to improved plant availability and projects that commenced operations in 2022 and 2023 were the main drivers of this increase.

The power producer said its revenues for last year also soared to $1.6 billion (SAR 6.1 billion), registering a 15.5% rise from the previous year’s $1.4 billion (SAR 5.3 billion).

Better contributions from development and construction management fees as well as increased operation and maintenance revenue for projects helped to support the revenue growth.

The earnings report that was submitted to the Saudi Exchange also said that lower zakat and tax charges, as well as lesser impairment loss and other expenses, supported the improved profitability.

bigger financial expenses, such as currency loss, reduced capital recycling gains, and a bigger proportion of non-controlling interest, however, somewhat offset all these positive effects.

The earnings per share (EPS) of ACWA Power increased from $0.56 (SAR 2.11) to $0.61 (SAR 2.27) in 2023.

Source ACWA Power