Riyadh, Saudi Arabia — Renewable energy leader ACWA Power Company Thursday said its net profit for the first nine months of 2023 was SAR 1.082 billion ($288 million), an increase of 22.5 percent over the previous year’s period.
Higher operating income was the main driver, which was partially offset by the adverse impact of higher net financial charges due to higher market interest rates, as well as the company’s additional Sukuk issuance in February this year, ACWA Power said in a statement.
In a statement, the company said it recorded SAR 814 million in operating income—before impairment, loss and other expenses—in the third quarter of 2023, a 25 percent increase from the same period last year.
Higher income both from new operations coming online and existing ones, thanks to stabilized operational performance versus last year, were the main drivers of this performance, the statement said.
During the quarter, the company’s general and administrative expenses and project development cost provisions posted an increase mainly because of increased business development activity. Accordingly, operating income for the first nine months of 2023 reached SAR 2.10 billion, growing by 12.4 percent, compared to the same period last year.
