Leading Saudi utility giant Acwa Power has reported mixed first-half results, with its revenue soaring to SAR4.03 billion (  ) mainly driven by higher energy sales, increased operation and maintenance (O&M) services revenue and the sale of shared facilities during the period, while its net profit fell 28% to SAR653.2 million ($174.2 million) from SAR909 million (   ) last year. 

Announcing the results for the six-month period ended June 30, 2026, Acwa said this decline was mainly owing to lower contributions from equity-accounted investees which reduced other operating income and higher administrative expenses outweighed growth in revenue. 

The gross profit for the period edged up 3.7% to SAR1.9 billion. However, the operating profit dropped 34.6% to SAR1.44 billion.

"The earnings were additionally impacted by the absence of higher performance liquidated damages and insurance income recognised in the corresponding period last year. These factors were partly offset by higher gross profit, lower finance costs and increased finance income," said a company spokesman.

Total shareholders' equity attributable to shareholders rose 39.9% to 30.04 billion riyals at the end of June from 21.47 billion riyals a year earlier.

For the second quarter, revenue increased 15.1% year-on-year to 2.01 billion riyals, while net profit attributable to shareholders fell 36.0% to 308.4 million riyals.

Compared with the previous quarter, second-quarter revenue was broadly flat, slipping 0.5%, while net profit declined 10.5%.

The company said the quarterly earnings decline reflected lower other operating income, weaker contributions from equity-accounted investees and higher general and administrative expenses. Compared with the preceding quarter, profit was also affected by lower engineering, procurement and construction (EPC) services revenue, operational outages at power assets and higher impairment charges.