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Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. Image for illustrative purposes.
Saudi Arabian utility developer ACWA Power, partly owned by the sovereign Public Investment Fund, said its Q3 net profit fell 18% year-on-year to 328 million riyals ($87.5 million) on higher costs and provisions.
The profit came in well below analysts’ mean estimate of SAR 504 million, according to LSEG data.
Revenue for the quarter was SAR 1.75 billion, 13% YoY on higher revenue from sale of electricity, and management services income from projects.
For the nine-month period ended September 30, net profit was 16% higher on year at SAR 1.25 billion, while revenue was 6% up at SAR 4.56 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
