International Company for Power and Water Projects (“ACWA Power” or “the Company”), a leading developer, investor and operator of power generation and desalinated water plants worldwide, today announced its results for the third quarter 2021.

Operating income before impairment loss and other expenses was SAR 1,660 million for the first nine months of 2021, flat versus the same period in 2020, mainly supported by ACWA Power’s operations and maintenance (O&M) business that generated higher operating income thanks to projects starting operations or operating their first full year in 2021, such as Al Dur IWPP and Hassyan IPP.

Three projects, namely, Sudair, Sirdarya and Redstone, which completed their respective financial closes during the period, contributed into higher operating income, which was offset by recognition of employee long-term incentive plan expense and lower share in net results of equity accounted investees, net of tax, mainly because of accelerated depreciation on two oil fired assets.

Net profit attributable to equity holders of the parent for the first nine months of 2021 was SAR 420 million and lower by 51 percent than the same period of 2020. The decrease was mainly driven by flat operating income reduced by the one-time charge of SAR 280 million in the third quarter pertaining to the grant and recognition of IPO incentive plan comprising shares and cash benefits for eligible employees, in line with the company’s plans announced at the time of IPO, and additional impairment charges.

ACWA Power’s commitment to net-zero emissions by 2050 was exemplified by the entry into a sale agreement of one of the four oil-fired assets in its portfolio. This transaction is also a testament to the company’s commitment to remain at the forefront of energy transition both at home in Saudi Arabia and beyond.