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ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,178,9911,242,755-5.131,506,857-21.758
Gross Profit (Loss) 611,222661,449-7.593800,342-23.629
Operational Profit (Loss) 516,687432,49019.467533,146-3.087
Net Profit (Loss) after Zakat and Tax 151,851139,0389.215338,854-55.186
Total Comprehensive Income 1,855,3701,186,90756.319660,593180.864
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 15,339,7168,056,02190.413
Profit (Loss) per Share 0.210.22
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 profit attributable to equity holders of the parent for the first quarter of 2022 was SAR 151.9 million compared to SAR 139.0 million for the corresponding quarter of 2021. The increase was mainly driven by an increase in share of net income from equity accounted investees due to contribution from projects that commenced operations following the same quarter of the last year; increase in other operating income as a result of recovery of performance liquidated damages; increase in other income mainly on account of interest income on a shareholder loan provided to an equity accounted investee; combined with a decrease in general and administration expenses due to higher employee long-term incentive plan expense recorded in the same quarter of the last year. These were partly offset by lower development and construction management services income than the same quarter of the last year; lower finance lease income mainly due to outages in certain projects in Morocco; higher foreign exchange loss mainly on devaluation of the Moroccan currency; an increase in zakat and tax charge and recognition of loss on disposal for the sale of an equity accounted investee.
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 profit attributable to equity holders of the parent for the first quarter of 2022 was SAR 151.9 million compared to SAR 338.9 million for the fourth quarter of 2021. The decrease was mainly driven by lower development and construction management services income; lower finance lease income due to outages of certain projects in Morocco; an increase in zakat and tax charge; and recognition of loss on disposal for the sale of an equity accounted investee. These were partly offset by new contribution including operation and maintenance income from projects that commenced operations during the fourth quarter of 2021, hence these projects did not generate a full quarter of revenue until the first quarter of 2022; combined with an increase in other operating income as a result of recovery of performance liquidated damages.
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 condensed consolidated financial statements and the independent auditor’s review report for the three months period ended 31 March 2022, 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 http://acwapower.com/en/investor-relations/ . The company will hold an investor conference call on May 19, 2022 at 15.30 KSA time, (12.30 pm GMT) following the close of trading on Tadawul.
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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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