Financial Results : Acwa makes SAR 1.85B profit in 2025, SAR 572.1M in Q4

Acwa makes SAR 1.85B profit in 2025, SAR 572.1M in Q4

04/03/2026 Argaam Exclusive

View other reports

ACWA Power Co. (Acwa) reported a net profit of SAR 1.85 billion for 2025, an increase of 5.4% from SAR 1.75 billion in 2024.



Financials (M)

Item 2024 2025 Change‬
Revenues 6,297.30 7,413.50 17.7 %
Gross Income 3,330.59 3,764.57 13.0 %
Operating Income 1,357.51 1,837.38 35.3 %
Net Income 1,757.06 1,852.23 5.4 %
Average Shares 738.44 766.49 3.8 %
Earnings Per Share before unusual items (Riyals) 1.33 2.07 54.9 %
EPS (Riyal) 2.38 2.42 1.6 %

The profit growth was attributed to higher consolidated revenues during the current year, driven by higher development services revenue, a rise in operation and maintenance income, and greater electricity generation, despite lower water production.

 

It was also supported by higher gross profit, increased other operating income, and stronger financial income.

 

This was partially offset by lower net results from equity-accounted investments, higher asset recycling gains recorded in the previous year, and increased finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q4 2024 Q4 2025 Change‬
Revenues 1,735.53 2,039.28 17.5 %
Gross Income 873.34 996.45 14.1 %
Operating Income 404.57 407.77 0.8 %
Net Income 502.17 572.08 13.9 %
Average Shares 738.44 766.49 3.8 %
Earnings Per Share before unusual items (Riyal) 0.57 0.85 50.4 %
EPS (Riyal) 0.68 0.75 9.8 %

Q4 2025 net earnings rose 13.9% year-on-year (YoY) to SAR 572.1 million from SAR 502.17 million.

 

On a quarterly basis, net profit grew 54.1% from SAR 371.17 million in Q3 2025.

 

Total shareholders’ equity, after minority interest, stood at SAR 29 billion by Dec. 31, 2025, compared to SAR 21.85 billion a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 853.13 - 362.69 - 194.22 -
Q4 2019 1,322.80 - 703.93 - 489.86 -
Q1 2020 1,062.77 - 468.07 - 296.00 -
Q2 2020 1,208.09 - 711.37 - 355.24 -
Q3 2020 1,367.15 60.3 % 754.29 108.0 % 603.18 210.6 %
Q4 2020 1,191.10 (10.0 %) 594.03 (15.6 %) 311.60 (36.4 %)
Q1 2021 1,242.76 16.9 % 661.45 41.3 % 402.89 36.1 %
Q2 2021 1,251.76 3.6 % 700.65 (1.5 %) 461.73 30.0 %
Q3 2021 1,268.81 (7.2 %) 708.01 (6.1 %) 469.06 (22.2 %)
Q4 2021 1,472.07 23.6 % 781.61 31.6 % 465.90 49.5 %
Q1 2022 1,151.27 (7.4 %) 583.50 (11.8 %) 340.78 (15.4 %)
Q2 2022 1,293.72 3.4 % 671.07 (4.2 %) 444.93 (3.6 %)
Q3 2022 1,262.85 (0.5 %) 694.88 (1.9 %) 508.46 8.4 %
Q4 2022 1,568.09 6.5 % 894.33 14.4 % 485.88 4.3 %
Q1 2023 1,331.44 15.6 % 701.45 20.2 % 427.85 25.6 %
Q2 2023 1,411.92 9.1 % 794.17 18.3 % 510.06 14.6 %
Q3 2023 1,542.13 22.1 % 877.49 26.3 % 535.27 5.3 %
Q4 2023 1,809.52 15.4 % 1,122.08 25.5 % 715.73 47.3 %
Q1 2024 1,251.76 (6.0 %) 620.55 (11.5 %) 249.92 (41.6 %)
Q2 2024 1,562.57 10.7 % 836.91 5.4 % 358.48 (29.7 %)
Q3 2024 1,747.44 13.3 % 999.79 13.9 % 344.54 (35.6 %)
Q4 2024 1,735.53 (4.1 %) 873.34 (22.2 %) 404.57 (43.5 %)
Q1 2025 1,967.24 57.2 % 1,100.84 77.4 % 676.39 170.6 %
Q2 2025 1,747.46 11.8 % 714.13 (14.7 %) 362.78 1.2 %
Q3 2025 1,659.52 (5.0 %) 953.14 (4.7 %) 390.44 13.3 %
Q4 2025 2,039.28 17.5 % 996.45 14.1 % 407.77 0.8 %
2025 7,413.50 17.7 % 3,764.57 13.0 % 1,837.38 35.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 87.28 - 0.12 - 87.28 0.12
Q4 2019 1,038.81 - 1.41 (325.85) 1,364.66 1.85
Q1 2020 104.63 - 0.14 - 104.63 0.14
Q2 2020 221.02 - 0.30 - 221.02 0.30
Q3 2020 524.25 500.6 % 0.71 - 524.25 0.71
Q4 2020 32.67 (96.9 %) 0.04 (149.79) 182.46 0.25
Q1 2021 139.04 32.9 % 0.19 - 139.04 0.19
Q2 2021 307.85 39.3 % 0.42 (60.02) 367.87 0.50
Q3 2021 (26.94) (105.1 %) (0.04) (308.50) 281.56 0.38
Q4 2021 338.85 937.1 % 0.46 - 338.85 0.46
Q1 2022 151.85 9.2 % 0.21 48.71 103.15 0.14
Q2 2022 389.87 26.6 % 0.53 - 389.87 0.53
Q3 2022 341.70 1368.3 % 0.46 12.75 328.95 0.45
Q4 2022 656.61 93.8 % 0.89 397.66 258.96 0.35
Q1 2023 269.74 77.6 % 0.37 - 269.74 0.37
Q2 2023 414.40 6.3 % 0.56 - 414.40 0.56
Q3 2023 397.94 16.5 % 0.54 88.68 309.26 0.42
Q4 2023 579.64 (11.7 %) 0.78 31.58 548.06 0.74
Q1 2024 296.17 9.8 % 0.40 245.79 50.38 0.07
Q2 2024 630.46 52.1 % 0.85 401.70 228.76 0.31
Q3 2024 328.10 (17.6 %) 0.44 40.07 288.03 0.39
Q4 2024 502.17 (13.4 %) 0.68 83.84 418.33 0.57
Q1 2025 427.15 44.2 % 0.58 (98.00) 525.15 0.71
Q2 2025 481.83 (23.6 %) 0.65 257.00 224.83 0.30
Q3 2025 371.17 13.1 % 0.48 189.00 182.17 0.24
Q4 2025 572.08 13.9 % 0.75 (81.00) 653.08 0.85
2025 1,852.23 5.4 % 2.42 267.00 1,585.23 2.07

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 50.51 % - 39.97 %
Q3 2020 53.17 % 46.71 % 44.64 %
Q4 2020 52.34 % 44.18 % 21.38 %
Q1 2021 54.32 % 44.71 % 21.30 %
Q2 2021 53.64 % 46.92 % 24.02 %
Q3 2021 53.77 % 45.26 % 19.60 %
Q4 2021 54.47 % 46.23 % 21.53 %
Q1 2022 53.92 % 45.39 % 21.22 %
Q2 2022 52.92 % 43.64 % 21.47 %
Q3 2022 52.72 % 43.78 % 22.41 %
Q4 2022 53.90 % 42.57 % 20.49 %
Q1 2023 54.28 % 42.71 % 22.86 %
Q2 2023 55.34 % 42.96 % 22.82 %
Q3 2023 55.82 % 41.33 % 21.39 %
Q4 2023 57.34 % 43.51 % 25.29 %
Q1 2024 56.76 % 41.21 % 21.98 %
Q2 2024 56.07 % 37.78 % 18.43 %
Q3 2024 56.18 % 33.69 % 17.50 %
Q4 2024 52.89 % 29.86 % 15.65 %
2024 52.89 % 29.86 % 15.65 %
Q1 2025 54.34 % 33.20 % 20.82 %
Q2 2025 51.24 % 31.77 % 20.23 %
Q3 2025 51.22 % 34.26 % 18.99 %
Q4 2025 50.78 % 33.07 % 21.38 %
2025 50.78 % 33.07 % 21.38 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 738.44 - - 11.92
Q4 2019 738.44 - - 13.41
Q1 2020 738.44 - - 11.18
Q2 2020 738.44 1.97 2.41 11.05
Q3 2020 738.44 2.56 3.00 11.93
Q4 2020 738.44 1.20 1.40 9.30
Q1 2021 738.44 1.24 1.44 10.91
Q2 2021 738.44 1.36 1.64 11.07
Q3 2021 738.44 0.61 1.31 11.41
Q4 2021 738.44 1.03 1.53 18.26
Q1 2022 738.44 1.04 1.48 20.77
Q2 2022 738.44 1.16 1.51 22.46
Q3 2022 738.44 1.66 1.57 24.68
Q4 2022 738.44 2.09 1.46 25.27
Q1 2023 738.44 2.25 1.69 24.77
Q2 2023 738.44 2.28 1.72 25.77
Q3 2023 738.44 2.35 1.70 29.34
Q4 2023 738.44 2.25 2.09 25.94
Q1 2024 738.44 2.29 1.79 28.06
Q2 2024 738.44 2.58 1.54 27.91
Q3 2024 738.44 2.48 1.51 25.08
Q4 2024 738.44 2.38 1.33 29.60
Q1 2025 738.44 2.56 1.98 28.43
Q2 2025 738.44 2.36 1.97 29.08
Q3 2025 766.49 2.33 1.76 36.79
Q4 2025 766.49 2.42 2.07 37.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 84.01 56.55 4.73
Q1 2022 More than 100 93.04 6.62
Q2 2022 More than 100 More than 100 6.84
Q3 2022 More than 100 More than 100 7.00
Q4 2022 74.90 More than 100 6.18
Q1 2023 64.36 85.53 5.83
Q2 2023 75.24 99.51 6.65
Q3 2023 85.38 More than 100 6.85
Q4 2023 More than 100 More than 100 10.18
Q1 2024 More than 100 More than 100 11.98
Q2 2024 More than 100 More than 100 12.99
Q3 2024 More than 100 More than 100 20.31
Q4 2024 More than 100 More than 100 13.96
Q1 2025 More than 100 More than 100 12.43
Q2 2025 More than 100 More than 100 9.07
Q3 2025 92.07 More than 100 5.82
Q4 2025 75.23 87.90 4.80

Business Segments (Million)

Compared With The
Period Electricity Generation and Thermal Water Desalination Renewable Energy Sources Other activities Water and power generation parts services segment
Q1 2020 929.91 126.09 6.77 - -
Q2 2020 932.92 263.56 11.61 - -
Q3 2020 1,102.49 262.85 1.82 - -
Q4 2020 1,020.98 164.16 5.97 - -
Q1 2021 1,040.37 200.92 1.47 - -
Q2 2021 944.68 302.78 4.30 - -
Q3 2021 1,013.72 248.24 6.86 - -
Q4 2021 1,191.67 275.56 4.85 - -
Q1 2022 972.41 170.77 8.09 - -
Q2 2022 1,042.92 269.37 (18.57) - -
Q3 2022 1,032.42 227.59 2.83 - -
Q4 2022 1,210.10 350.11 7.88 - -
Q1 2023 1,080.84 237.94 12.67 - -
Q2 2023 1,066.11 342.39 3.42 - -
Q3 2023 1,131.81 401.02 9.29 - -
Q1 2024 1,041.16 206.24 4.36 - -
Q2 2024 1,151.80 405.70 5.07 - -
Q3 2024 1,227.05 508.21 12.18 - -
Q4 2024 1,437.38 313.48 (15.32) - -
Q1 2025 1,465.05 491.89 10.29 - -
Q2 2025 1,157.83 582.47 7.16 - -
Q3 2025 1,261.56 390.03 7.93 - -
Q4 2025 1,075.62 963.27 0.40 - -

Current
Market Cap (M Riyal) 134,442.48
Enterprise Value (EV) (M Riyal) 159,552.83
Shares Outstanding ((M)) 766.49
EPS ( Riyal) (TTM) 2.42
Book Value (BV) ( Riyal) 37.87
Par Value ( Riyal) 10.00
Recurring P/E 84.81
P/E (TTM) 72.58
Price/book 4.63
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 7.3
EV/adj EBITDA 65.08
EV/Revenues 21.52

Share Price

176.10
0.40 0.23 %

ACWA POWER Co. (ACWA)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.