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ACWA POWER Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,293,7231,251,7563.351,151,27212.37
Gross Profit (Loss) 671,067700,654-4.22605,06610.91
Operational Profit (Loss) 642,161629,1742.06510,53125.78
Net Profit (Loss) after Zakat and Tax 389,869307,84726.64151,851156.74
Total Comprehensive Income 1,804,979117,5111,436.011,855,370-2.71
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 2,444,9952,494,511-1.98
Gross Profit (Loss) 1,276,1331,362,103-6.31
Operational Profit (Loss) 1,152,6921,061,6648.57
Net Profit (Loss) after Zakat and Tax 541,720446,88521.22
Total Comprehensive Income 3,660,3491,304,418180.61
Total Share Holders Equity (after Deducting Minority Equity) 16,581,7488,173,532102.87
Profit (Loss) per Share 0.740.69
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 The increase in net profit attributable to equity holders of the parent for the second quarter of 2022 compared to corresponding quarter of 2021 is mainly due to:

• Increase in share of net income from equity accounted investees mainly on account of new projects that commenced operations subsequent to 30 June 2021;

• Lower impairment loss and other expenses mainly due to goodwill impairment that was recognised in the corresponding quarter of 2021;

• Increase in other income due to higher interest income earned on deposits in addition to finance income from a related party and gain on change in fair value of derivatives;

• These were partly offset by an increase in Zakat and tax charge mainly due to higher deferred tax expense as a result of devaluation of the Moroccan Dirham (MAD) against the USD.

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 increase in net profit attributable to equity holders of the parent for the second quarter of 2022 compared to first quarter of 2022 is mainly due to:

• Increase in share of net income from equity accounted investees mainly due to full period operations of certain projects which commenced operations during the first quarter of 2022, combined with higher productivity in certain projects;

• Increase in other income mainly due to gain on fair value of derivatives;

• These were partly offset by a decrease in other operating income mainly due to recognition of performance liquidated damages recovery during first quarter of 2022.

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 first six months of 2022 compared to the same period in 2021 is mainly due to:

• Increase in share of net income from equity accounted investees mainly on account of new projects that commenced operations subsequent to 30 June 2021;

• Increase in other operating income mainly as a result of recognition of performance liquidated damages;

• Increase in other income due to higher interest income earned on deposits in addition to finance income from a related party and gain on change in fair value of derivatives;

• These were partly offset by an increase in Zakat and tax charge mainly due to higher deferred tax expense as a result of devaluation of the Moroccan Dirham (MAD) against the USD; lower finance lease income due to outages of certain projects in Morocco; and recognition of loss on disposal for the sale of an equity accounted investee.

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 and six months periods ended 30 June 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 https://acwapower.com/en/investor-relations/overview/ . The company will hold an investor conference call on August 11, 2022 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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