Saudi Arabia-based power company ACWA Power reported a Q3 2022 profit of SAR 324 million ($91 million), up from a loss of SAR 27 million in Q3 2021.

Profits fell marginally quarter-on-quarter from SAR 390 million, while revenue was down to SAR 1.263 billion in Q3 2022 from SAR 1.269 billion in Q3 2021 and SAR 1.294 billion in Q2 2022.

The company said in financial results posted to the Saudi Stock Exchange (Tadawul) that development costs had been higher in Q3 2021, and that there had been an increase in other income due to gain on change in fair value of derivatives.

ACWA said the increases were partly offset by an increase in deferred tax charge, mainly on account of devaluation of the Moroccan dirham against the dollar, higher financial charges and lower revenues and share in net results of equity accounted investees due to outages in certain power plants.

For the first nine months of 2022, profits more than doubled to SAR 883 million from SAR 420 million in the 2021, while revenue fell to SAR 3.707 billion from SAR 3.763 billion in 2021.

As well as lower development costs, provisions and write offs during the current period, ACWA cited lower impairment losses during the current period mainly due to share-based payment expense recognised in 2021 due to the company’s initial public offering (IPO).

(Writing by Imogen Lillywhite; editing by Daniel Luiz)