Aqua's profits hit two-year low

Aqua Power's profits in the second quarter of 2026 declined to 308 million Saudi Riyals, marking the lowest level in two years, a decrease of 36% compared to the previous year. This downturn is partly due to the non-recurring insurance revenue of 665 million Riyals, which does not reflect the company's core operational performance. After excluding this revenue, the company's operating performance showed a growth of approximately 6%, with a 33% increase in gross profit. Despite an improvement in free cash flow, the growth of the project portfolio requires more time to translate into profits, as external financing obligations continue to rise, increasing by 36% to 17.7 billion Riyals, which has also led to a higher leverage ratio. Overall, the results confirm that rapid expansion necessitates time to generate profits and sufficient cash flows, while ongoing challenges related to project financing and implementation delays persist.

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