Acwa Reports $91.5m Quarterly Profit Amid Growing Renewable Assets
Saudi utility developer Acwa's net profit falls from a year earlier due to lower development and construction-related income, while revenue and assets under management rise.
Riyadh: Saudi utility developer Acwa reported first-quarter net profit of SR345 million ($91.5 million), though earnings decreased compared to the previous year as the company expanded its renewable energy portfolio.
Net profit dropped from SR427 million in the prior year, attributed to lower development and construction-related income following an exceptionally strong first quarter in 2025 driven by larger-scale projects.
Revenue increased by 2.8 percent year-on-year to SR2.02 billion for the three months ending March 31, while assets under management rose by 12.9 percent to SR455 billion, according to a Tadawul filing.
The results highlight Saudi Arabia's ongoing investments in renewable energy and water infrastructure under Vision 2030, with Acwa playing a pivotal role in the kingdom's shift towards cleaner energy sources.
CEO Samir Serhan noted that Acwa entered 2026 with priorities on operational and capital discipline alongside its growth strategy.
He further stated that heightened geopolitical tensions across the region introduced uncertainty but did not result in significant adverse impacts on their financial results or operating performance during the first quarter.
The company's asset base expanded by 12.9 percent year-on-year from SR403 billion in the first quarter of 2025, bolstered by continued project execution, market expansion, and growth in renewable energy and water desalination capacity.
Operating income before impairment loss and other expenses stood at SR729 million compared to SR870 million a year earlier.
Acwa's gross power generation capacity increased to 95.7 gigawatts, with 52.3 GW of this capacity being renewable energy sources.
This accounts for 54.7 percent of the firm's total portfolio spanning across 15 countries.
Water desalination capacity reached 9.7 million cubic meters per day, and battery energy storage systems capacity stood at 5.6 GWh.
The company also secured its first greenfield project in Kuwait, adding a combined 2.7 GW of power generation capacity and 0.6 million cubic meters per day of desalinated water capacity.
Additionally, Acwa reached financial close on the Nukus 2 wind project in Uzbekistan, valued at SR1 billion.
Power plant availability remained at 89 percent, while water desalination availability improved to 99 percent during the quarter.
The company recorded 38.5 million man-hours across operations and construction with a lost-time injury rate of 0.01.
Construction activity continued on 32 projects representing 44.2 GW of power capacity and 2.6 million cubic meters per day desalination capacity.
Acwa achieved two commercial operation dates during the quarter, adding 0.77 GWh battery storage capacity and 0.6 million cubic meters per day desalinated water output.
Shares in Acwa closed 1.65 percent higher at SR185.10 on Tadawul after reaching an intraday high of SR188.20.
Net profit dropped from SR427 million in the prior year, attributed to lower development and construction-related income following an exceptionally strong first quarter in 2025 driven by larger-scale projects.
Revenue increased by 2.8 percent year-on-year to SR2.02 billion for the three months ending March 31, while assets under management rose by 12.9 percent to SR455 billion, according to a Tadawul filing.
The results highlight Saudi Arabia's ongoing investments in renewable energy and water infrastructure under Vision 2030, with Acwa playing a pivotal role in the kingdom's shift towards cleaner energy sources.
CEO Samir Serhan noted that Acwa entered 2026 with priorities on operational and capital discipline alongside its growth strategy.
He further stated that heightened geopolitical tensions across the region introduced uncertainty but did not result in significant adverse impacts on their financial results or operating performance during the first quarter.
The company's asset base expanded by 12.9 percent year-on-year from SR403 billion in the first quarter of 2025, bolstered by continued project execution, market expansion, and growth in renewable energy and water desalination capacity.
Operating income before impairment loss and other expenses stood at SR729 million compared to SR870 million a year earlier.
Acwa's gross power generation capacity increased to 95.7 gigawatts, with 52.3 GW of this capacity being renewable energy sources.
This accounts for 54.7 percent of the firm's total portfolio spanning across 15 countries.
Water desalination capacity reached 9.7 million cubic meters per day, and battery energy storage systems capacity stood at 5.6 GWh.
The company also secured its first greenfield project in Kuwait, adding a combined 2.7 GW of power generation capacity and 0.6 million cubic meters per day of desalinated water capacity.
Additionally, Acwa reached financial close on the Nukus 2 wind project in Uzbekistan, valued at SR1 billion.
Power plant availability remained at 89 percent, while water desalination availability improved to 99 percent during the quarter.
The company recorded 38.5 million man-hours across operations and construction with a lost-time injury rate of 0.01.
Construction activity continued on 32 projects representing 44.2 GW of power capacity and 2.6 million cubic meters per day desalination capacity.
Acwa achieved two commercial operation dates during the quarter, adding 0.77 GWh battery storage capacity and 0.6 million cubic meters per day desalinated water output.
Shares in Acwa closed 1.65 percent higher at SR185.10 on Tadawul after reaching an intraday high of SR188.20.
