ACWA Power 2023 profit up 8% to SAR 1.66B; Q4 at SAR 579.6M

ACWA Power reported a net profit of SAR 1.66 billion for 2023, an increase of 8% from SAR 1.54 billion in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	5,275.93	6,095.01	15.5 %
Gross Income	2,865.35	3,495.18	22.0 %
Operating Income	1,800.57	2,188.91	21.6 %
Net Income	1,540.04	1,661.71	7.9 %
Average Shares	732.56	732.56	-
EPS (Riyals)	2.10	2.27	7.9 %

The profit increase was driven by a rise in operating income as contribution from existing projects increased on better plants availability, and new projects began operations in 2022/23.

ACWA Power also reported a growth in development and construction management fees, which was offset partially by lower performance liquidated damage and insurance recoveries and higher corporate general and administration expenses.

Further, 2023 earnings were supported by lower Zakat and tax charges, impairment loss and other expenses.

On the other hand, the company noted higher financial charges (net off finance income) including exchange loss, lower capital recycling gains, lower other income, and higher share of non-controlling interest.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,568.09	1,809.52	15.4 %
Gross Income	894.33	1,122.08	25.5 %
Operating Income	485.88	715.73	47.3 %
Net Income	656.61	579.64	(11.7 %)
Average Shares	732.56	732.56	-
EPS (Riyals)	0.90	0.79	(11.7 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,542.13	1,809.52	17.3 %
Gross Income	877.49	1,122.08	27.9 %
Operating Income	535.27	715.73	33.7 %
Net Income	397.94	579.64	45.7 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.54	0.79	45.7 %

Q4 2023 net earnings fell 12% year-on-year to SAR 579.64 million from SAR 656.61 million.

On a quarterly basis, net profit grew 45.7% from SAR 397.94 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 19.15 billion by Dec. 31, 2023, compared to SAR 18.65 billion a year earlier.

Attached Documents:

View more financial results

View other reports

Share Price

ACWA POWER Co. (ACWA POWER)

	Current
Market Cap (M Riyal)	293,024.00
Enterprise Value (EV) (M)	315,863.62
Shares Outstanding ((M))	732.56
EPS ( Riyal) (TTM)	2.50
Book Value (BV) ( Riyal)	25.28
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	15.82
Return on Average Assets (%) (TTM)	3.3
Return on Average Equity (%) (TTM)	9.1

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	3,782.90	-	1,610.35	-	785.34	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	3,227.83	(14.7 %)	1,309.55	(18.7 %)	715.31	(8.9 %)
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	853.13	-	362.69	-	194.22	-
Q4 2019	1,322.80	-	703.93	-	489.86	-
2019	4,115.00	27.5 %	2,086.20	59.3 %	1,417.66	98.2 %
Q1 2020	1,062.77	-	468.07	-	296.00	-
Q2 2020	1,208.09	-	711.37	-	355.24	-
Q3 2020	1,367.15	60.3 %	754.29	108.0 %	603.18	210.6 %
Q4 2020	1,191.10	(10.0 %)	594.03	(15.6 %)	311.60	(36.4 %)
2020	4,829.11	17.4 %	2,527.75	21.2 %	1,566.01	10.5 %
Q1 2021	1,242.76	16.9 %	661.45	41.3 %	402.89	36.1 %
Q2 2021	1,251.76	3.6 %	700.65	(1.5 %)	461.73	30.0 %
Q3 2021	1,268.81	(7.2 %)	708.01	(6.1 %)	469.06	(22.2 %)
Q4 2021	1,472.07	23.6 %	781.61	31.6 %	465.90	49.5 %
2021	5,235.39	8.4 %	2,851.72	12.8 %	1,793.60	14.5 %
Q1 2022	1,151.27	(7.4 %)	583.50	(11.8 %)	340.78	(15.4 %)
Q2 2022	1,293.72	3.4 %	671.07	(4.2 %)	444.93	(3.6 %)
Q3 2022	1,262.85	(0.5 %)	694.88	(1.9 %)	508.46	8.4 %
Q4 2022	1,568.09	6.5 %	894.33	14.4 %	485.88	4.3 %
2022	5,275.93	0.8 %	2,865.35	0.5 %	1,800.57	0.4 %
Q1 2023	1,331.44	15.6 %	701.45	20.2 %	427.85	25.6 %
Q2 2023	1,411.92	9.1 %	794.17	18.3 %	510.06	14.6 %
Q3 2023	1,542.13	22.1 %	877.49	26.3 %	535.27	5.3 %
Q4 2023	1,809.52	15.4 %	1,122.08	25.5 %	715.73	47.3 %
2023	6,095.01	15.5 %	3,495.18	22.0 %	2,188.91	21.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	3,782.90	-	1,610.35	-	785.34	-
2018	3,227.83	(14.7 %)	1,309.55	(18.7 %)	715.31	(8.9 %)
2019	4,115.00	27.5 %	2,086.20	59.3 %	1,417.66	98.2 %
2020	4,829.11	17.4 %	2,527.75	21.2 %	1,566.01	10.5 %
2021	5,235.39	8.4 %	2,851.72	12.8 %	1,793.60	14.5 %
2022	5,275.93	0.8 %	2,865.35	0.5 %	1,800.57	0.4 %
2023	6,095.01	15.5 %	3,495.18	22.0 %	2,188.91	21.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	920.24	-	1.26	-	920.24	1.26
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	(773.84)	(184.1 %)	(1.06)	(1228.39)	454.55	0.62
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	87.28	-	0.12	-	87.28	0.12
Q4 2019	1,038.81	-	1.42	(325.85)	1,364.66	1.86
2019	1,173.87	251.7 %	1.60	(325.85)	1,499.71	2.05
Q1 2020	104.63	-	0.14	-	104.63	0.14
Q2 2020	221.02	-	0.30	-	221.02	0.30
Q3 2020	524.25	500.6 %	0.72	-	524.25	0.72
Q4 2020	32.67	(96.9 %)	0.04	(149.79)	182.46	0.25
2020	882.57	(24.8 %)	1.20	(149.79)	1,032.35	1.41
Q1 2021	139.04	32.9 %	0.19	-	139.04	0.19
Q2 2021	307.85	39.3 %	0.42	(60.02)	367.87	0.50
Q3 2021	(26.94)	(105.1 %)	(0.04)	(308.50)	281.56	0.38
Q4 2021	338.85	937.1 %	0.46	-	338.85	0.46
2021	758.80	(14.0 %)	1.04	(368.52)	1,127.32	1.54
Q1 2022	151.85	9.2 %	0.21	48.71	103.15	0.14
Q2 2022	389.87	26.6 %	0.53	-	389.87	0.53
Q3 2022	341.70	1368.3 %	0.47	12.75	328.95	0.45
Q4 2022	656.61	93.8 %	0.90	397.66	258.96	0.35
2022	1,540.04	103.0 %	2.10	459.11	1,080.92	1.48
Q1 2023	269.74	77.6 %	0.37	-	269.74	0.37
Q2 2023	414.40	6.3 %	0.57	-	414.40	0.57
Q3 2023	397.94	16.5 %	0.54	88.68	309.26	0.42
Q4 2023	579.64	(11.7 %)	0.79	31.58	548.06	0.75
2023	1,661.71	7.9 %	2.27	120.26	1,541.46	2.10

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	920.24	-	1.26	-	920.24	1.26
2018	(773.84)	(184.1 %)	(1.06)	(1228.39)	454.55	0.62
2019	1,173.87	251.7 %	1.60	(325.85)	1,499.71	2.05
2020	882.57	(24.8 %)	1.20	(149.79)	1,032.35	1.41
2021	758.80	(14.0 %)	1.04	(368.52)	1,127.32	1.54
2022	1,540.04	103.0 %	2.10	459.11	1,080.92	1.48
2023	1,661.71	7.9 %	2.27	120.26	1,541.46	2.10

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	42.57 %	28.02 %	24.33 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	40.57 %	33.49 %	14.08 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	50.70 %	44.62 %	36.44 %
Q1 2020	-	-	-
Q2 2020	50.51 %	39.61 %	39.97 %
Q3 2020	53.17 %	46.71 %	44.64 %
Q4 2020	52.34 %	44.18 %	21.38 %
2020	52.34 %	44.18 %	21.38 %
Q1 2021	54.32 %	44.71 %	21.30 %
Q2 2021	53.64 %	46.92 %	24.02 %
Q3 2021	53.77 %	45.26 %	19.60 %
Q4 2021	54.47 %	46.23 %	21.53 %
2021	54.47 %	46.12 %	21.53 %
Q1 2022	53.92 %	45.39 %	21.22 %
Q2 2022	52.92 %	43.64 %	21.47 %
Q3 2022	52.72 %	43.78 %	22.41 %
Q4 2022	53.90 %	42.57 %	20.49 %
2022	54.31 %	42.96 %	20.49 %
Q1 2023	54.28 %	42.71 %	22.86 %
Q2 2023	55.34 %	42.96 %	22.82 %
Q3 2023	55.82 %	41.33 %	21.39 %
Q4 2023	57.34 %	43.51 %	25.29 %
2023	57.34 %	43.51 %	25.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	42.57 %	28.02 %	24.33 %
2018	40.57 %	33.49 %	14.08 %
2019	50.70 %	44.62 %	36.44 %
2020	52.34 %	44.18 %	21.38 %
2021	54.47 %	46.12 %	21.53 %
2022	54.31 %	42.96 %	20.49 %
2023	57.34 %	43.51 %	25.29 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	42.51 %	-	10.23 %
Q4 2019	53.22 %	47.72 %	103.16 %
Q1 2020	44.04 %	41.00 %	9.84 %
Q2 2020	58.88 %	41.41 %	18.30 %
Q3 2020	55.17 %	54.84 %	38.35 %
Q4 2020	49.87 %	37.58 %	15.32 %
Q1 2021	53.22 %	43.62 %	11.19 %
Q2 2021	55.97 %	50.45 %	29.39 %
Q3 2021	55.80 %	48.94 %	22.19 %
Q4 2021	53.10 %	42.52 %	23.02 %
Q1 2022	50.68 %	39.63 %	8.96 %
Q2 2022	51.87 %	43.27 %	30.14 %
Q3 2022	55.03 %	49.54 %	26.05 %
Q4 2022	57.03 %	38.53 %	16.51 %
Q1 2023	52.68 %	40.62 %	20.26 %
Q2 2023	56.25 %	44.20 %	29.35 %
Q3 2023	56.90 %	42.17 %	20.05 %
Q4 2023	62.01 %	46.25 %	30.29 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	732.56	-	-	12.02
Q4 2019	732.56	-	-	13.52
Q1 2020	732.56	-	-	-
Q2 2020	732.56	1.98	2.43	-
Q3 2020	732.56	2.58	3.02	12.02
Q4 2020	732.56	1.20	1.41	9.38
Q1 2021	732.56	1.25	1.46	11.00
Q2 2021	732.56	1.37	1.66	11.16
Q3 2021	732.56	0.62	1.33	11.50
Q4 2021	732.56	1.04	1.54	18.41
Q1 2022	732.56	1.05	1.49	20.94
Q2 2022	732.56	1.17	1.52	22.64
Q3 2022	732.56	1.67	1.58	24.87
Q4 2022	732.56	2.10	1.48	25.47
Q1 2023	732.56	2.26	1.70	24.97
Q2 2023	732.56	2.30	1.74	25.97
Q3 2023	732.56	2.37	1.71	29.58
Q4 2023	732.56	2.27	2.10	26.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	732.56	1.26	1.26	11.60
2018	732.56	(1.06)	0.62	13.23
2019	732.56	1.60	2.05	13.52
2020	732.56	1.20	1.41	9.38
2021	732.56	1.04	1.54	18.41
2022	732.56	2.10	1.48	25.47
2023	732.56	2.27	2.10	26.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	80.93	54.48	4.55
Q1 2022	More than 100	89.63	6.38
Q2 2022	More than 100	98.10	6.59
Q3 2022	More than 100	More than 100	6.74
Q4 2022	72.16	More than 100	5.96
Q1 2023	62.00	82.40	5.62
Q2 2023	72.48	95.87	6.41
Q3 2023	82.25	More than 100	6.60
Q4 2023	More than 100	More than 100	9.81

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	80.93	54.48	4.55
2022	72.16	More than 100	5.96
2023	More than 100	More than 100	9.81

Business Segments (Million)

Compared With The

Period	Thermal Desalination Station	Renewable Energy Sources	Other activities	Water and power generation parts	services segment
Q1 2020	929.91	126.09	6.77	-	-
Q2 2020	932.92	263.56	11.61	-	-
Q3 2020	1,102.49	262.85	1.82	-	-
Q4 2020	1,020.98	164.16	5.97	-	-
Q1 2021	1,040.37	200.92	1.47	-	-
Q2 2021	944.68	302.78	4.30	-	-
Q3 2021	1,013.72	248.24	6.86	-	-
Q4 2021	1,191.67	275.56	4.85	-	-
Q1 2022	972.41	170.77	8.09	-	-
Q2 2022	1,042.92	269.37	(18.57)	-	-
Q3 2022	1,032.42	227.59	2.83	-	-
Q4 2022	1,210.10	350.11	7.88	-	-
Q1 2023	1,080.84	237.94	12.67	-	-
Q2 2023	1,066.11	342.39	3.42	-	-
Q3 2023	1,131.81	401.02	9.29	-	-
Q4 2023	1,239.86	589.97	(20.31)	-	-

Period	Thermal Desalination Station	Renewable Energy Sources	Other activities	Water and power generation parts	services segment
2017	-	-	-	1,810.42	1,706.71
2018	-	-	-	1,539.84	1,688.00
2019	3,267.42	823.45	24.12	-	-
2020	3,986.29	816.65	26.17	-	-
2021	4,190.44	1,027.49	17.46	-	-
2022	4,257.86	1,017.85	0.22	-	-
2023	4,518.62	1,571.31	5.08	-	-

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	404.45	579.64	43.31 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
YAQEEN	404.45	579.64	43.3 %

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ACWA Power 2023 profit up 8% to SAR 1.66B; Q4 at SAR 579.6M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

ACWA POWER Co. (ACWA POWER)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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ACWA Power 2023 profit up 8% to SAR 1.66B; Q4 at SAR 579.6M

Financials (M)

Current Quarter Comparison (M)

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Share Price

ACWA POWER Co. (ACWA POWER)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)