Saudi-based power and water firm ACWA Power reported a profit of 324 million riyals ($91 million) in Q3 2022, up from a loss of 27 million riyals in Q3 2021.
Profits fell marginally quarter-on-quarter from 390 million riyals, while revenue was down to 1.263 billion riyals in Q3 2022 from 1.269 billion riyals in Q3 2021 and 1.294 billion in Q2 2022.
According to financial results filed with the Saudi Stock Exchange (Tadawul), development costs were higher in Q3 2021, and other income increased due to a gain on change in the fair value of derivatives.
ACWA said that the increases were partially offset by an increase in deferred tax charge, primarily due to the depreciation of the Moroccan dirham against the dollar, higher financial charges, and lower revenues and share in net results of equity accounted investees due to power plant outages.
Meanwhile, the company‘s profits more than doubled to 883 million riyals in the first nine months of 2022, up from 420 million riyals in 2021, while revenue fell to 3.707 billion riyals, down from 3.763 billion riyals in 2021.