KSA Business: Acwa Power records solid Q1 growth; net profit up 10.6pc – Gulf Digital News

KSA Business: Acwa Power records solid Q1 growth; net profit up 10.6pc – Gulf Digital News

Acwa Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, has recorded strong growth for the first three months both in terms of operating profit before impairment losses and other expenses and net profit attributable to equity holders of the parent.

Announcing its financial results for the three-month period ended March 31, 2022, Acwa Power said its operating income before impairment loss and other expenses surged to SR517 million ($138 million), up 19.5% over last year, while its adjusted net profit attributable to equity holders of the parent (which calculates the impact of non-routine or non-operational transactions on the profit attributable to equity holders of the parent) grew by 10.6% to hit SR155 million ($41 million).

The Saudi group said three water and seven power projects that came into operation between February and December 2021 were the engine of this growth in the first three months by generating additional contractual, operations and maintenance revenue streams.

This was further increased by the collection of performance liquidated damages from the EPC contractor of one of the projects, with the Company’s operating profit adversely affected by extended outages in certain projects, it stated.

The growth was mostly driven by