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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)
