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ACWA POWER Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 6,095,010 | 5,275,930 | 15.52 | ||
| Gross Profit (Loss) | 3,495,180 | 2,865,348 | 21.98 | ||
| Operational Profit (Loss) | 2,983,785 | 2,614,761 | 14.11 | ||
| Net profit (Loss) | 1,661,714 | 1,540,035 | 7.9 | ||
| Total Comprehensive Income | 1,104,884 | 5,741,733 | -80.76 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 19,157,958 | 18,659,887 | 2.67 | ||
| Profit (Loss) per Share | 2.27 | 2.11 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | ACWA Power group consolidated revenue for the year ended 2023, were SAR 6,095Mn and up by SAR 819Mn or 15.5% compared to the year ended 2022, is mainly due to higher contribution from existing projects, due to better plant availability, further supported by higher Operation and maintenance revenue for projects achieving ICOD/PCODs during 2022/2023 and higher contribution from development and construction management fees. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in net profit attributable to equity holders of the parent by SAR 122Mn or 7.9% for the year ended 2023 compared to the year ended 2022, is primarily due to • Higher Operating income on account of higher contribution in aggregate from existing projects mainly due to better plants availability, and new contribution in aggregate from projects that began operation during 2022 /2023 and higher development and construction management fees which are partially offset by lower performance liquidated damage and insurance recoveries and higher corporate general and administration expenses. • Further, this was supported by lower zakat and tax charge and lower impairment loss and other expenses. Above favorable variance were partially offset by • Higher financial charges (net off finance income) including exchange loss, lower capital recycling gains, lower other income, and higher share of non-controlling interest. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Other Matter The consolidated financial statements of the Group for the year ended 31 December 2022 were audited by another auditor who expressed an unmodified opinion on those consolidated financial statements issued on 9 Sha’ban 1444H (corresponding to 1 March 2023) |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform with the classification used for the year ended 31 December 2023. (Please refer note 40 of Audited Consolidated Financial Statements) |
| Additional Information | A comprehensive Investor Report comprising the Company’s consolidated financial statements and the independent auditor’s review report for the year ended 31 December 2023, along with the CEO’s letter to shareholders and a management discussion and analysis of the financial results, is available on ACWA’s Power’s Investor Relations website at https://acwapower.com/en/investor-relations/overview/ . The company will hold an investor conference call on 29 February 2023 at 16:00 KSA time, (13:00 GMT) following the close of trading on Tadawul. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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