Saudi Arabian utility developer Acwa Power reported a net profit after zakat and tax of SR541.72 million ($144.25 million) for the first half of the year, compared to SR446.88 million for the same period in 2021, a 21.22% increase.
The company reported a revenue of SR2.445 billion, a 1.98% decline compared to SR2.494 billion in H1 2021, according to a stock exchange filing.
For the second quarter (Q2) of this year, Acwa Power posted a net profit of SR389.9 million ($104 million) after zakat and tax for Q2 2022, 27% higher than in the year-ago period of SR307.8 million.
The Q2 2022 revenue was SR1.293 billion, compared to SR1.251 billion, a 3% increase.
The company said 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. -TradeArabia News Service