RIYADH: Saudi water desalination company Acwa saw a 28 percent year-on-year drop in its profits in the first half of 2026, with its CEO citing the “pace of the market” as a factor.
Over a period which saw major upheaval across the Middle East thanks to the ongoing US-led war with Iran, the firm posted a net profit of SR653 million ($173.90 million) compared with SR909 million for the same period in 2025.
The profit drop was balanced by Acwa strengthening its asset base over the six-month period, increasing assets under management by approximately SR30 billion to around SR475 billion, according to a press release.
The announcement comes amid a wave of earnings reports from leading Saudi companies, with energy giant Aramco posting a second-quarter adjusted net income of $33.4 billion, up 33 percent year on year, as the firm weathered unprecedented disruption through the Strait of Hormuz while maintaining production and exports to global markets.
Commenting on his company’s results, Acwa CEO Samir Serhan, said: “The first half of 2026 tested the pace of the market, and our response was to hold our direction and our discipline.
