The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit attributable to equity holders of the parent for the third quarter of 2023 compared to the third quarter of 2022 is mainly due to: • Higher operating income before impairment and other expenses, net, mainly due to higher contribution from existing projects, that experienced outages in prior period, contribution from new projects including the respective O&M income that achieved their commercial operation during or after 9M2022, higher development and construction management service fees and business interruption insurance recoveries in some of the Group’s subsidiaries which was partially offset by higher development cost, provision and write offs, net of reversals, higher corporate general and administration expenses largely on account of growth-related expansion; • Lower Zakat and tax charge mainly because of deferred tax credit These increases in net profit were partially offset by higher finance charges mainly due to additional debt including the Sukuk tranche two issuance and the refinancing in one of the subsidiaries in addition to higher finance costs on account of higher market rates. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The decrease in net profit attributable to equity holders of the parent for the third quarter of 2023 compared to the second quarter of 2023 is mainly due to Higher zakat and tax charge and higher finance charges which was partially offset by higher operating income before impairment and other expenses. In addition, there was higher gross profit from continuing operation along with higher other operating income which are partially offset by lower share of net results of equity accounted investees, net of tax, along with higher development cost, provision and write offs, net of reversals; and higher corporate general and administration expenses. |
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net profit attributable to equity holders of the parent for the nine-months of 2023 compared to the nine-months of 2022 is mainly due to: • Higher operating income before impairment and other expenses, net, mainly due to higher contribution from existing projects, that experienced outages in prior period, contribution from new projects including the respective O&M income that achieved their commercial operation during or after 9M2022 and these were partially offset by higher development cost, provision and write offs, net of reversals, higher corporate general and administration expenses largely on account of growth-related expansion. • Lower Zakat and tax charge mainly because of deferred tax credit These increases in net profit were partially offset by higher finance charges mainly due to additional debt including the Sukuk tranche two issuance and the refinancing in one of the subsidiaries in addition to higher finance costs on account of higher market rates. |
Statement of the type of external auditor's report | Unmodified conclusion |
Reclassification of Comparison Items | Certain prior period figures have been re-classified to conform with the presentation in the current period. |
Additional Information | A comprehensive Investor Report comprising the Company’s interim financial statements and the independent auditor’s review report for the nine months period ending 30 September 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 Nov 02, 2023 at 16:00 KSA time, (13:00 GMT) following the close of trading on Tadawul. |
Attached Documents | |