Saudi energy company, ACWA Power, reported a loss of SR21.8 million ($5.8 million) in the third quarter of 2021, attributing it to IPO-related issues and payments besides the depreciation of two of its oil-fired assets in the kingdom.
The company’s profit in the same quarter a year ago was SR541 million, ACWA said in its first disclosure of quarterly results after it went public.
The net profit of the first nine months of this year also went down by half to SR434 million.
Operating income before impairment loss and other expenses was SAR 1,660 million for the first nine months of 2021, mainly supported by ACWA Power’s operations and maintenance (O&M) business that generated higher operating income, the company said in a statement.
“Our results for the third quarter demonstrate that we are on track towards achieving our business and financial targets as outlined in our Prospectus for the fiscal year 2021,” said ACWA Power CEO Paddy Padmanathan.
“This also provides us with a solid basis for growth, which is our top priority following ACWA Power’s landmark listing on the Saudi Stock Exchange, which was oversubscribed by an overall factor of 250 times,” he added.