ACWA Power announces quarterly and semi-annual financial results

ACWA Power announces quarterly and semi-annual financial results

- Operating income before impairment loss and other expenses for the same period at SAR1,153 million increased by 9%

- The Company’s share of renewable energy capacity in its power generation portfolio reached 37% with the addition of four new PV projects and divestment of an oil-fired asset

Riyadh, Kingdom of Saudi Arabia: ACWA Power Company (“ACWA Power “or “the Company”), a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen production, today announced its quarterly and semi-annual financial results for the three- and six-months periods ending 30 June 2022.

The Company’s consolidated net profit attributable to equity holders of the parent reached SAR542 million with a year-on-year increase of 21%, powered by a higher operating profit before impairment loss and other expenses and other income. This increase was achieved despite the additional deferred tax losses incurred in the Company’s subsidiaries in Morocco due to the devaluation of the Moroccan Dirham (MAD).

The Company also reports its adjusted net profit attributable to equity holders of the parent (Adjusted Net Profit), which neutralizes the impact of non-routine or non-operational transactions that are not expected to repeat in the future in their respective period of occurrence. Accordingly, ACWA Power’s Adjusted Net