Financial Results : ACWA Power makes SAR 1.28B profit in 9M 2025, SAR 371.2M in Q3

ACWA Power makes SAR 1.28B profit in 9M 2025, SAR 371.2M in Q3

03/11/2025 Argaam Exclusive

View other reports

ACWA Power Co. reported a net profit of SAR 1.28 billion for the first nine months of 2025, up 2% from SAR 1.25 billion a year earlier. The increase was spurred by higher gross profit, lower development costs, provisions and write-offs, and higher other operating income and other income.


Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 4,561.77 5,374.22 17.8 %
Gross Income 2,457.25 2,768.12 12.7 %
Operating Income 952.94 1,429.61 50.0 %
Net Income 1,254.89 1,280.14 2.0 %
Average Shares 738.44 766.49 3.8 %
Earnings Per Share before unusual items (Riyals) 0.77 1.22 58.3 %
EPS (Riyal) 1.70 1.67 (1.7 %)

Meanwhile, this was partially offset by higher finance costs, greater impairment losses, and a decline in the company’s profit share from equity-accounted investees.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 1,747.44 1,659.52 (5.0 %)
Gross Income 999.79 953.14 (4.7 %)
Operating Income 344.54 390.44 13.3 %
Net Income 328.10 371.17 13.1 %
Average Shares 738.44 766.49 3.8 %
Earnings Per Share before unusual items (Riyal) 0.39 0.24 (39.1 %)
EPS (Riyal) 0.44 0.48 9.0 %
The third-quarter net profit grew 13.1% to SAR 371.2 million, from SAR 328.1 million in Q3 2024.
 
Sequentially, the three-month bottom line fell 23% from SAR 481.8 million in Q2 2025.
 
Total shareholders’ equity, after minority interest, increased to SAR 28.19 billion at the end of Sept. 30, 2025, from SAR 18.52 billion in the year-earlier period.
 
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 % 358.64 (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 %


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 630.62 52.2 % 0.85 401.70 228.92 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

Profitability

Period Gross Margin OIBDA 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 % 17.51 %
Q4 2024 52.89 % 29.86 % 15.65 %
2024 52.89 % 29.86 % 15.65 %
Q1 2025 54.34 % 33.20 % 20.83 %
Q2 2025 51.24 % 31.77 % 20.23 %
Q3 2025 51.22 % 34.26 % 18.99 %


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

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

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 - -
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 - -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 546.85 371.17 182.17

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
YAQEEN 450.00 371.17 182.17
Goldman Sachs 559.54 371.17 182.17
JP Morgan 631.00 371.17 182.17

Current
Market Cap (M Riyal) 143,487.07
Enterprise Value (EV) (M Riyal) 166,029.15
Shares Outstanding ((M)) 766.49
EPS ( Riyal) (TTM) 2.33
Book Value (BV) ( Riyal) 36.79
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 80.51
Price/book 5.09
Return on Average Assets (%) (TTM) 2.9
Return on Average Equity (%) (TTM) 7.6
EV/adj EBITDA 68.17
EV/Revenues 23.35

Share Price

187.20
(3.30) (1.73 %)

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.