The company stated in a statement on the Saudi “Tadawul” website that the increase in net profit in 2022 is mainly due to income from operating operations before calculating the cost of impairment and other expenses, which recorded higher numbers than the previous year, due to the contribution of projects that achieved initial commercial operation during the year or after the year. In addition to operating and maintenance income from projects achieved during or after 2021, as well as an increase in the contribution of development and construction management services for projects that achieved financial closure during the year.
The operating profit amounted to 2.6 billion riyals during the year ending in 2022, compared to 2.3 billion riyals in the previous year, an increase of 14 percent.
As for the total profit, it amounted to 2.86 billion riyals in the current year, compared to 2.85 billion riyals in the previous year, with a growth of 0.5 percent.
Earnings per share in the current year amounted to 2.11 riyals, compared to 1.04 riyals in the previous year.
ACWA Power indicated that the increase in operating income also resulted from lower provisions for project development, cost write-offs, net reverse provisions, calculation of damage compensation and insurance recovery in respect of accidents.
At the level of the fourth quarter, the company’s data showed an increase in net profits by 94 percent, to 656.61 million riyals, for the last quarter of 2022, compared to 338.85 million riyals for the same quarter of 2021.
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