The Saudi utility powerhouse Acwa posted a gross profit of SR3.76 billion ($1 billion) in 2025, an increase of 13.03 percent over the previous year, with net profit attributable to shareholders surging 5.42 percent to SR1.85 billion.
In another filing at the Saudi Exchange, the operating profit of the Saudi-based utility and renewables developer grew by 20.48 percent to SR3.59 billion, which is an indication of better performance in the operations of the company across the portfolio.
Revenue increased by 17.73 percent annually to SR7.41 billion compared to 2024 at SR6.30 billion. The company attributed the growth in revenue to growth in project development and operation and maintenance services revenues, and higher electricity output, offset in part by reduced water output.
In response to the company’s performance and project activity, Samir Serhan, CEO of Acwa, said, “We financially closed 15 projects at an aggregate total investment cost of SR70 billion in 2025 – a record year for closures.”
He reported that nine power purchase deals, three water purchase deals, and acquisition deals in Bahrain, Kuwait, and China contributed 25 gigawatts of power and 2.1 million cubic meters per day of water to the company profile, and operational capacity rose by 13.2 GW of power and 1.7 million cubic meters per day of water.
Serhan stated, “At year-end, the portfolio stood at 108 assets, 93 GW of power generation, and 9.2 million m³/day of desalinated water, across 15 countries, with SR437 billion in assets under management.”
Acwa reported that the growth in net profit attributable to equity holders of the parent company was significantly due to greater gross profit, greater other operating revenue, and greater finance revenue.
Partially compensating these gains were a reduction in the share in net results of equity-accounted investees, net of zakat and tax, and an increase in financial charges.
The company also mentioned that a greater gain in divestment had been realized in the prior year. The total comprehensive income that can be attributed to shareholders fell by 94.55 percent to SR164.7 million as opposed to SR3.02 billion in the last year.
The equity of the total shareholders, excluding the minority equity, rose by 32.78 percent to SR29.02 billion compared to SR21.86 billion in the previous year. The earnings per share increased to SR2.47, as compared to SR2.38 in 2024.
In a note to the stakeholders, the company’s former CEO, Marco Arcelli, added, “We delivered a 20 percent increase in operating income. By year end, we reached SR437.5 billion of assets under management at total investment cost, corresponding to a total gross capacity of 93 GW of power generation and 9.2 million m³/day of desalinated water projects that are operational, under-construction, and in advanced development.”
He further reported, “Over the past four years since our IPO, we have doubled the size of the company, more than doubled our annual equity commitments, and tripled our speed of execution. At this pace, we remain on track to double our portfolio again by the end of the decade in line with our 2030 growth targets.”
