Saudi utility giant Acwa's Q3 net profit jumps 71% to $169m

06/11/2026 02:40 AST

Saudi Arabia's utility giant Acwa reported a 71.1 percent year-on-year increase in third quarter net profit attributable to shareholders, reaching SR635.1 million ($169.4 million), according to a Tadawul filing on Nov. 5.

Revenue climbed 32.7 percent to SR2.2 billion in the three months ended Sept. 30, compared with SR1.66 billion in the corresponding period last year.

Operating profit climbed 88.2 percent to SR1.11 billion from SR587.5 million, while gross profit rose 16.6 percent to SR1.09 billion.

Acwa attributed the increase in quarterly net profit to higher contributions from equity-accounted investees, stronger gross profit, and lower general and administrative expenses.

These gains were partly offset by higher financial charges, project development and acquisition costs, and exchange-rate variances.

Net profit edges up
For the first nine months of 2026, Acwa's net profit edged up 0.6 percent year on year to SR1.29 billion, compared with SR1.28 billion a year earlier.

Revenue increased 16 percent to SR6.24 billion, while gross profit rose 8.1 percent to SR2.99 billion. However, operating profit declined 8.8 percent to SR2.55 billion from SR2.79 billion.

Nine-month revenue growth reflected higher operation and maintenance services revenue, increased energy revenue and income from the sale of shared facilities.

These gains were partly offset by lower development, procurement, and construction services revenue.

The company said higher gross profit, lower impairment expenses and stronger contributions from equity-accounted investees supported net profit, partly offset by lower performance liquidated damages and insurance income, higher exchange-rate variances, and project development and acquisition costs.

Shareholders' equity increases
Total shareholders' equity, after deducting minority interests, rose 19.3 percent to SR33.65 billion at the end of September, compared with SR28.2 billion a year earlier.

Arab News