Acwa Power net profit slides in 2021 – The National

Acwa Power net profit slides in 2021 – The National

Riyadh-based utility developer Acwa Power's net profit slid 17.5 per cent in 2021, mainly owing to its recognition of some share-based payments related to its initial public offering and an impairment loss.

Net profit after zakat and tax for the 12-month period fell to 743.9 million Saudi riyals ($198.2m), the company said in a regulatory filing on Wednesday to the Tadawul stock exchange, where its shares are traded.

The drop in profit was due to the company's “recognition of share-based payments expense related to its IPO; … the long-term incentive plan expense; an increase in zakat and tax charge; a net reduction in share in net results of the equity accounted investees largely on account of accelerated depreciation in two oil-fired assets in Saudi Arabia; and an impairment loss”, the company said.