Acwa Power profit tumbles despite revenue rise

• Q1 net profit down 19% on last year
• Annual revenue up 3% year on year
• Acwa says Iran war had no impact

Acwa Power, the Saudi-listed renewable energy company, said the Iran war had no material impact on its first quarter results, despite net profit falling.

The company blamed a 19 percent drop from the same period the year before on lower revenue from development and construction services, higher financing charges and foreign exchange losses.

Net profit from January to March this year was SAR345 million ($92 million).

Annual revenue rose 3 percent year on year to SAR2 billion, a statement to the Saudi stock exchange said.

As of the end of March Acwa had SAR455 billion in assets under management across operations, construction, and advanced development.

The company secured its first greenfield project in Kuwait, the Az-Zour North Phase 2 & 3 Independent Water and Power Producer project, which added 2.7GW of power capacity and 0.6 million cubic metres per day of desalinated water to its development pipeline. It also achieved financial close on the Nukus 2 wind project in Uzbekistan.

“Across the development and construction pipelines, we are advancing with heightened caution and particular prudence in execution, calibrated to the current external environment,” said CEO Samir J Serhan.

Further reading:

• Acwa secures $226m for Uzbekistan wind farm
• Saudi Energy and Acwa to spend $3bn on Mecca power plant
• Acwa Power gets $6bn loan for seven renewable projects

In its financial statement the company said it continues to monitor regional geopolitical developments and their potential impact on the Middle East, given that the majority of its operations are conducted within the GCC.

With the war ongoing despite a tenuous ceasefire, Acwa said: “The regional conflict has not had a material impact on its first quarter 2026 financial statements but will continue to assess the impact of the evolving nature of the conflict”.

Saudi Arabia’s Public Investment Fund owns 44.164 percent of Acwa Power. The stock closed 10 percent higher at SAR182.10 on Thursday. It is up 10 percent in the year to date.