Acwa's third-quarter profit jumps 71% to $169.4 million
Saudi utility Acwa reported a 71.1% rise in third-quarter net profit. Abu Dhabi's IHC more than doubled its nine-month profit, and Mubadala Energy plans to double output over a decade.
Saudi utility Acwa said third-quarter net profit rose 71.1% from a year earlier to SR635.1 million, or $169.4 million. Higher contributions from equity-accounted investees and strong gross profit drove the gain. Equity-accounted investees are companies in which Acwa holds a stake but does not fully control.
Revenue rose 32.7% to SR2.2 billion. Operating profit climbed 88.2%.
Over the first nine months of 2026, Acwa's net profit edged up 0.6% to SR1.29 billion. The strong third quarter therefore left the nine-month result only slightly higher.
Elsewhere in the Gulf, Abu Dhabi's IHC more than doubled its net profit in the first nine months of 2026. Mubadala Energy plans to double its output over the next decade, with natural gas in focus.
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