Saudi Arabia: Saudi-listed Acwa, the world’s largest private water desalination company, a leader in the energy transition and a first mover into green hydrogen at scale, today (March 4) reported solid results for FY 2025 with its revenue soaring to SAR7.41 billion ($1.97 billion), up 17.7% over the previous year's figures of SAR6.3 billion ($1.67 billion) and the net profit posting a 60% growth hitting SAR2.2 billion ($586 million).

Announcing the financial results for the 12-month period ended December 31, 2025, the Saudi utility major said the net profit attributable to shareholders stood at SAR1.9 billion as higher operating income and stronger contributions from its development and operating assets helped lift its earnings.

Driven by a year-on-year rise of 20% in operating income, it reached SAR 3.6 billion before impairment losses and other expenses. Greater contributions from the development side of the business and operating assets were the primary drivers of this result, it stated.

A key highlight of FY 2025 for Acwa was the successful financial closing of 15 projects with an aggregate total investment cost of SAR70 billion ($18.6 billion).

The Saudi utility giant also completed its SAR7.1 billion rights issue during the year. The capital is being deployed in line with the approved use of funds, channeled primarily into the company’s growth projects.

Acwa’s acquisitions in Bahrain, Kuwait, and China comprised nine projects, with a total capacity of 4.9 GW of power generation and 1.1 million cu m/day of desalination.

Aggregate power capacity additions amounted to 0.3 GW in China, 4.6 GW in Kuwait and Bahrain combined, with the desalination capacity of 1.1 million m³/day attributable to the Kuwaiti and Bahraini assets.

On the solid performance, CEO Dr Samir J. Serhan said: "We financially closed 15 projects at an aggregate total investment cost of SAR70 billion in 2025 - a record year for closures. Nine PPAs and three WPAs, alongside acquisitions in Bahrain, Kuwait, and China, added 25 GW of power and 2.1 million cu m/day of water to our portfolio while our operational capacity has increased by 13.2 GW of power and 1.7 million cu m/day of water."

"At year-end, the portfolio stood at 108 assets, 93 GW of power generation, and 9.2 million cu m/day of desalinated water, across 15 countries, with SAR437 billion ($117 billion) in assets under management," he added.

Commending its former CEO Marco Arcelli for building a strong momentum in driving growth over the past three years, Dr Serhan said: "As I step in, we will build on that foundation by sharpening our focus on strict selectivity in our market pursuits, operational transformation, solid project execution, and ensuring every riyal of growth contributes directly to our bottom-line profitability. Solid project execution that is built on safety first, front-end alignment, proactive risk management, transparent project controls, rigorous change control, and operational readiness focus."

Chief Financial Officer Abdulhameed Al Muhaidib said: "We delivered our target of building a robust balance sheet with the successful capital raise of SAR 7.1 billion and completing accretive acquisitions of operating assets. Our full-year financial performance reflects the operating profit momentum built across our portfolio, which rose by 20%."

"The company reported a net profit of SAR1.9 billion, corresponding to SAR2.47 EPS, underscoring the strength of its diversified revenue streams generated across different stages of the project life cycle. We will continue to grow and plant the seeds into key markets while building more discipline in cost and efficiency," he added.

Acwa said by year-end, with all new capacities added to the portfolio, gross power capacity reached 93GW - 56% of it renewable at 52.3 GW.

The total desalination capacity was 9.2 million cu m/day, and battery energy storage (BESS) stood at 5.6 GWh. Accordingly, Acwa’s operating portfolio has reached 43GW of power, 6.3 million cu m/day of desalinated water, and three thousand tonnes per annum of green hydrogen.

Looking at the company’s full year health, safety and environment record, numbers held firm with the lost time injury rate (LTIR) remaining at 0.01, unchanged from 2024. Power availability by the close of the year was strong at 91.2%, and water availability increased to 98.7%.

In 2026, Acwa said its ambition remains high. Safety, operational excellence, disciplined growth, cost optimisation and consistent value creation for shareholders, partners, and the communities it serves will drive every priority - driven by ingenuity, integrity, and impact, it added.