Aqua has announced managed assets totaling 455 billion Saudi Riyals (approximately $121.3 billion) by the end of Q1 2026. This growth is attributed to the continuous expansion of its global project portfolio and the growth of its capabilities in renewable energy and water desalination, despite a decline in net profits compared to the same period last year.
The company, listed on the Saudi Stock Exchange, reported that its total operational or under-construction assets increased by 12.9% compared to approximately 403 billion Riyals (around $107.4 billion) in Q1 2025. The number of assets under its management reached 109 assets distributed across 15 countries.
Financial Results Overview
According to the financial results, the company recorded a net profit of 345 million Riyals (approximately $92 million) during the first quarter of the current year, compared to 427 million Riyals (around $113.8 million) in the same period last year. The company attributed this decline to the exceptional performance achieved in Q1 2025, which benefited from increased revenues from business development and construction management related to large-scale projects.
Aqua continued to strengthen its presence in the renewable energy sector, with a total power generation capacity of 95.7 gigawatts, of which 52.3 gigawatts comes from renewable sources, representing about 54.7% of its total portfolio. The production capacity for water desalination reached 9.7 million cubic meters per day, and the battery storage capacity stood at 5.6 gigawatt-hours.
Background & Context
Dr. Samir Sarhan, CEO of Aqua, stated that the company began 2026 with priorities focused on operational and capital discipline, alongside continuing to implement its growth strategy. He noted that geopolitical tensions in the region did not have significant impacts on financial or operational performance during the first quarter.
He added that the company continues to address regional challenges with vigilance, flexibility, and steady leadership while maintaining a high degree of caution for the remainder of the year. Regarding expansion, the company announced its entry into the Kuwaiti market with its first new project there, adding a production capacity of 2.7 gigawatts and 600,000 cubic meters per day of desalinated water.
Impact & Consequences
The company also completed the financial closure for the Nukus2 wind power project in Uzbekistan with an investment of 1 billion Riyals (approximately $266.6 million). Sarhan confirmed that the Q1 results reflect the resilience of the project portfolio and the ongoing progress in the transformation plan, which includes implementing a new operational model and a corporate performance enhancement program.
On the operational side, power generation stations recorded an availability rate of 89%, while the availability rate for water desalination plants increased to 99%, reflecting the stability of operations and the efficiency of operational assets. The company continues to implement 32 projects under construction with a production capacity of up to 44.2 gigawatts of electricity and 2.6 million cubic meters per day of desalinated water.
Regional Significance
With the accelerating pace of economic transformation in Saudi Arabia, the process of diversifying the economy has become more than just future plans and goals; it has turned into an economic reality manifested through the growth and expansion of non-oil sectors, particularly in tourism, logistics services, financial services, entertainment, and technology.
These results underscore the importance of investments in renewable energy and water desalination, where Aqua plays a pivotal role in supporting Saudi Vision 2030. They also reflect the company's ability to adapt to challenges and provide innovative solutions that meet the growing market needs.