Saudi-listed Acwa, a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water plants, reported in its its financial results for the first quarter ended March 31, 2026 that the group maintained the growth of its asset base during the period.

The group had a total of 109 assets in operation, advanced development, or under construction, with a value of SAR455 billion ($121 billion) –  up 12.9 per cent from SAR403 billion at the close of Q1 2025.

Gross power capacity increased to 95.7 GW, including 52.3 GW of renewable capacity, which now accounts for 54.7 per cent of the total portfolio across 15 countries.

Water desalination capacity reached 9.7 million cubic meters per day, while battery energy storage systems (BESS) capacity stood at 5.6 GWh. 

Net profit reached SAR345 million, compared with SAR427 million in Q1 2025.

The first quarter of 2025 was unusually strong against the historical first-quarter pattern, lifted by higher business development and construction management income earned on comparatively larger-sized projects, which was the principal driver of the lower operating and net profit recorded in Q1 2026, the company said.

Dr Samir Serhan, Chief Executive Officer of Acwa, said: “Acwa entered 2026 with clear priorities around operational and capital discipline and the continued advancement of our growth strategy. 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. While we are navigating the challenge with vigilance, adaptability, and steady leadership, we remain reasonably cautious about the rest of the year.” 

During the quarter, the company made tangible progress in project execution and growth. Business development delivered Acwa’s first greenfield project in Kuwait, adding a combined total capacity of 2.7 GW of power generation and 0.6 million cubic meters per day of desalinated water.

The Nukus 2 wind project in Uzbekistan reached financial close, with an investment value of SAR 1 billion, further strengthening its long-term contracted revenue base.

Dr Serhan added: “Our first quarter performance reflects the resilience of the portfolio and the steady progress of our transformation agenda, including the rollout of our new operating model and our High-Performance Organisation programme. We remain focused on safe and disciplined execution, on advancing our pipeline with prudence, and on continuing to deliver long-term value for our shareholders and host countries.”

Operationally, Acwa continued to deliver stable performance across its assets.

Power plant availability remained robust at 89 per cent, while water desalination availability improved to 99 percent, reflecting strong asset reliability and operational discipline.

 Health and safety remained a priority, with a year-to-date record of 38.5 million man-hours across operations and construction, and a low lost-time injury rate of 0.01, consistent with the previous year.

Construction activity continued at scale, with 32 projects under construction representing 44.2 GW of power and 2.6 million cubic meters per day of water desalination capacity.

During the quarter, the company achieved two commercial operation dates (CODs), adding 0.77 GWh of BESS and 0.6 million cubic meters per day of desalinated water, reinforcing the integrated approach to energy and water solutions.

Across business development, construction and execution, the company is advancing its pipeline with heightened caution and particular prudence as it navigates the current external environment. 

Abdulhameed Al Muhaidib, Chief Financial Officer of Acwa, said: “The slowdown in development activities in the beginning of the year has had a noticeable impact, and naturally resulted in cyclical fluctuation in our quarterly financial results. Given the scale of projects currently under development and tendering, we remain confident in the stability of business development revenues over the medium and long term.”

Al Muhaidib added: “Our first quarter performance reflects the continued strength and resilience of our contracted business model, supported by stable operations and ongoing portfolio expansion. We remain disciplined in our capital allocation while maintaining a strong balance sheet and strong liquidity position to support future growth. As we expand across power, water and new energy solutions, our focus remains on delivering sustainable, long-term returns while preserving financial strength.”

Financially, operating income before impairment loss and other expenses for the quarter stood at SAR 729 million, compared to SAR 870 million in the same period last year, while net profit attributable to equity holders of parent reached SAR 345 million, compared to SAR 427 million.

The operating portfolio delivered a robust contribution to operating income, including from recent acquisitions in Bahrain and Kuwait and the increased stake in Shuaibah Water and Electricity Company.  -OGN/TradeArabia News Service