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International Company for Water and Power Projects announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,294,0111,367,149-5.3491,283,4400.823
Gross Profit (Loss) 714,980754,286-5.211715,341-0.05
Operational Profit (Loss) 276,614783,800-64.708577,974-52.14
Net Profit (Loss) after Zakat and Tax -21,862541,524-309,561-
Total Comprehensive Income 36,857680,386-94.58281,714-54.895
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 3,854,0833,638,0105.939
Gross Profit (Loss) 2,100,0441,933,7228.601
Operational Profit (Loss) 1,303,8491,619,772-19.504
Net Profit (Loss) after Zakat and Tax 434,008922,863-52.971
Total Comprehensive Income 1,421,410-1,172,212-
Total Share Holders Equity (after Deducting Minority Equity) 8,425,1628,807,692-4.343
Profit (Loss) per Share 0.651.32
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net loss attributable to equity holders of the parent for the third quarter of 2021 was SAR 27 million compared to net profit attributable to equity holders of the parent of SAR 524 million for the same quarter of 2020. This decrease was mainly driven by a decrease in development and construction management services in the current quarter, a decrease in share in net results of the equity accounted investees largely because of accelerated depreciation charges pertaining to two oil-fired assets in Saudi Arabia, recognition of share-based payments expense related to the IPO, and an increase in Zakat and tax charge.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is Net loss attributable to equity holders of the parent for the third quarter of 2021 was SAR 27 million compared to net profit attributable to equity holders of the parent of SAR 308 million for the second quarter of 2021. This decrease was mainly driven by a reduction in share of net results of the equity accounted investees largely on account of recognition of liquidated damages income in second quarter and recognition of an impairment loss in current quarter, recognition of share-based payments expense related to the IPO, and an increase in Zakat and tax charge.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit attributable to equity holders of the parent for the first nine months of 2021 was SAR 420 million compared to SAR 850 million for the same period in 2020. This decrease was mainly driven by the recognition of share-based payments expense related to the IPO, a reduction in share in net results of the equity accounted investees largely on account of accelerated depreciation in two oil-fired assets in Saudi Arabia, recognition of a long-term incentive plan expense, and an increase in Zakat and tax charge. These were partly offset by increased development and construction management services and further supported by improved results from the Group’s operation and maintenance (O&M) business.
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 The Company’s net profit/(loss) include the financial impact of one-time or non-recurring transactions that are not normally part of its ordinary business cycle. Please refer to the Company’s IR website for a more detailed management discussion and analysis of the financial results of the concerned periods.
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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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