ACWA Power’s H1 2022 profit up 21% to SAR 541.7 mln; Q2 at SAR 389.9 mln

11/08/2022 Argaam Exclusive

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ACWA Power Co.’s H1 2022 net profit after Zakat and tax jumped 21% to SAR 541.7 million, from SAR 446.9 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	2,494.51	2,445.00	(2.0 %)
Gross Income	1,362.10	1,276.13	(6.3 %)
Operating Income	864.62	807.30	(6.6 %)
Net Income	446.88	541.72	21.2 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.61	0.74	21.2 %

The utility provider cited an increase in its net profit share from equity-accounted investees mainly due to new projects that commenced operations subsequent to June 30, 2021, along with higher other operating income on recognition of performance liquidated damages.

ACWA Power also reported a rise in other income due to higher interest income earned on deposits.

However, these were partly offset by an increase in Zakat and tax charges mainly due to higher deferred tax expenses as a result of devaluation of the Moroccan dirham against the US dollar, lower finance lease income due to outages of certain projects in Morocco, and recognition of loss on disposal for the sale of an equity accounted investee.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,251.76	1,293.72	3.4 %
Gross Income	700.65	671.07	(4.2 %)
Operating Income	461.73	444.93	(3.6 %)
Net Income	307.85	389.87	26.6 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.42	0.53	26.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,151.27	1,293.72	12.4 %
Gross Income	583.50	671.07	15.0 %
Operating Income	340.78	444.93	30.6 %
Net Income	151.85	389.87	156.7 %
Average Shares	732.56	732.56	-
EPS (Riyals)	0.21	0.53	156.7 %

In Q2 2022, net profit after Zakat and tax rose by 27% to SAR 389.9 million, from SAR 307.85million in the prior-year period, thanks to an increase in the company’s net profit share from equity-accounted investees, lower impairment losses and other expenses, and higher other income.

Compared to Q1 2022, net profit more than doubled from SAR 151.85 million on better other income.

Shareholders’ equity, after minority interest, stood at SAR 16.581 billion as of June 30, 2022, up from SAR 8.173 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	80.93	54.48	4.55

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)	-	-

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	-	-

Analysts Estimates (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change‬
Average	416.00	389.87	(6.3 %)

Estimates vs Actual (Million)

Item	Q2 2022 (e)	Q2 2022 (a)	Change
Hermes	416.00	389.87	(6.3) %

Financial Ratios

	Current
Market Cap (M Riyal)	293,610.05
Enterprise Value (EV) (M)	316,449.67
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	15.85
Return on Average Assets (%) (TTM)	3.3
Return on Average Equity (%) (TTM)	9.1

ACWA POWER Co. (ACWA POWER)

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ACWA Power’s H1 2022 profit up 21% to SAR 541.7 mln; Q2 at SAR 389.9 mln

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Financials (M)

Current Quarter Comparison (M)

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) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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ACWA Power’s H1 2022 profit up 21% to SAR 541.7 mln; Q2 at SAR 389.9 mln

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Financials (M)

Current Quarter Comparison (M)

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) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

ACWA POWER Co. (ACWA POWER)

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Business Segments (Million)