RIYADH: Saudi utility developer Acwa reported first-quarter net profit of SR345 million ($91.5 million), although earnings declined from a year earlier as the company expanded its renewable energy portfolio.
Net profit fell from SR427 million a year earlier, which Acwa attributed to lower development and construction-related income following an unusually strong first quarter in 2025 driven by larger-scale projects.
Revenue rose 2.8 percent year on year to SR2.02 billion in the three months ended March 31, while assets under management increased 12.9 percent to SR455 billion, according to a Tadawul filing.
The results come as Saudi Arabia continues to accelerate investments in renewable energy and water infrastructure under Vision 2030, with Acwa playing a central role in the Kingdom’s transition toward cleaner energy sources.
CEO Samir Serhan said: “Acwa entered 2026 with clear priorities around operational and capital discipline and the continued advancement of our growth strategy,”
He added: “The heightened geopolitical tensions across the region have introduced a level of uncertainty but it did not result in material adverse impact on our financial results and operating performance in the first quarter.”
Its asset base grew 12.9 percent year on year from SR403 billion in the first quarter of 2025, supported by continued project execution, expansion into new markets and growth in renewable energy and water desalination capacity.
Operating income before impairment loss and other expenses stood at SR729 million, compared with SR870 million a year earlier.
Acwa’s gross power generation capacity increased to 95.7 gigawatts, including 52.3 GW of renewable energy, which now accounts for 54.7 percent of the firm’s total portfolio across 15 countries.
Water desalination capacity reached 9.7 million cubic meters per day, while battery energy storage systems capacity stood at 5.6 GW-hours.
The company’s expansion comes as renewable energy capacity continues to accelerate worldwide.
The International Energy Agency said renewable generation is forecast to rise about 8 percent annually through 2030, with solar photovoltaic power alone expected to add more than 600 terawatt-hours of electricity generation each year.
Renewables and nuclear energy are projected to account for around half of global electricity generation by 2030.
During the quarter, Acwa 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.
The company also reached financial close on the Nukus 2 wind project in Uzbekistan, valued at SR1 billion.
Operationally, power plant availability remained at 89 percent, while water desalination availability improved to 99 percent. The company said it recorded 38.5 million man-hours across operations and construction during the quarter, with a lost-time injury rate of 0.01.
Construction activity continued across 32 projects representing 44.2 GW of power capacity and 2.6 million cubic meters per day of desalination capacity.
Acwa achieved two commercial operation dates during the quarter, adding 0.77 GWh of battery storage capacity and 0.6 million cubic meters per day of desalinated water output.
Shares in Acwa closed 1.65 percent higher at SR185.10 on Tadawul, after touching an intraday high of SR188.20.
