Saudi Arabia: Saudi utility giant Acwa reported gross profit of SR3.76 billion ($1 billion) in 2025, up 13.03 percent from a year earlier, while net profit attributable to shareholders rose 5.42 percent to SR1.85 billion.

According to a filing on the Saudi Exchange, the Saudi-listed utility and renewables developer’s operating profit increased 20.48 percent to SR3.59 billion, reflecting improved operational performance across the company’s portfolio.

Revenue rose 17.73 percent year on year to SR7.41 billion, compared with SR6.30 billion in 2024.

The company attributed the revenue increase mainly to higher project development and operation and maintenance services revenues, as well as increased electricity output, partially offset by lower water output.

Commenting on 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 noted that nine power purchase agreements and three water purchase agreements, alongside acquisitions in Bahrain, Kuwait and China, added 25 gigawatts of power and 2.1 million cubic meters per day of water to the company’s portfolio, while operational capacity increased by 13.2 GW of power and 1.7 million cubic meters per day of water.

Serhan added: “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 said the increase in net profit attributable to equity holders of the parent company was mainly driven by higher gross profit, higher other operating income and higher finance income.

These gains were partially offset by a lower share in net results of equity-accounted investees, net of zakat and tax, as well as higher financial charges.

The company also noted that a higher divestment gain had been recognized in the previous year.

Total comprehensive income attributable to shareholders declined 94.55 percent to SR164.7 million, compared with SR3.02 billion in the previous year.

Total shareholders’ equity, after deducting minority equity, increased 32.78 percent to SR29.02 billion, up from SR21.86 billion a year earlier. Earnings per share rose to SR2.47, compared with SR2.38 in 2024.

In a note to the stakeholders, the company’s former CEO Marco Arcelli, stated: “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 added: “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.”