Acwa Power reported SAR 341.7k in net income after Zakat and tax in 3Q 2022, reversing its net loss position of SAR 27k during the same quarter last year, according to its earning release (pdf). Revenues for the quarter came in at SAR 1.26 mn, remaining essentially flat y-o-y. The improvement in Acwa’s bottom line was mainly due to lower development costs, provisions and write-offs in 3Q 2022 compared to 3Q 2021, higher-than-normal share-based payment expenses in 3Q 2021 following the company’s IPO, and increased income from a higher fair value of its derivatives, the earnings release noted.

On a nine-month basis, Acwa’s net income jumped 110% y-o-y to SAR 883k, on revenues of SAR 3.7 mn, slipping 1.5% y-o-y. The company attributed the higher revenues in 9M 2022 to the same factors as its improved 3Q 2022 bottom line.