Saudi-listed International Company for Water and Power Projects (ACWA Power), on Tuesday reported a net loss of 21.8 million riyals ($5.8 million) for the third quarter of 2021, compared with a net profit of 541.5 million riyals a year earlier. 

Overall net profit for the first nine months of the year reached 434 million riyals, tumbling more than 50 percent (52 percent) from 922.8 million riyals in the same period in 2020, the company, which is partly owned by the Saudi sovereign wealth fund, told the Saudi Stock Exchange (Tadawul). 

For the third quarter, total sales/ revenue dropped 5.34 percent to 1.2 billion riyals, when compared to the same period last year. 

Gross profit likewise fell 5.2 percent to 714.9 million riyals, while total comprehensive income plunged 94 percent to 36.8 million riyals. 

In a statement, the company said the net loss was partly driven by a decrease in development and construction management services in the third quarter. 

It also cited an increase in Zakat and tax charge, as well as “accelerated” depreciation charges pertaining to two oil-fired assets in Saudi Arabia. 

(Writing by Cleofe Maceda; editing by Daniel Luiz) 

Cleofe.maceda@refinitiv.com 

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© ZAWYA 2021