Acwa Power’s net income increased 44% y-o-y to reach SAR 427 mn in 1Q 2025, according to its investor report (pdf) issued on Thursday. The company’s top line rose 57% y-o-y to SAR 1.97 bn.

Behind the numbers: The bottomline growth was driven by higher gross profit, lower impairment expenses, and a higher deferred tax credit, while the topline jump was attributed to higher development and construction management services, increased O&M revenue, and a rise in electricity sales.

Looking forward: The company is planning to advance green hydrogen investments and sustainable infrastructure in China and consolidate its market presence in Bahrain by acquiring stakes in power and desalination assets.

RIVIAN-

Rivian shrinks losses: Rivian recorded net losses of USD 541 mn in 1Q 2025, a big drop from last year’s losses of almost USD 1.5 bn during the same period, according to a shareholders' letter (pdf) issued on Tuesday. Consolidated revenues were flat on an annual basis at USD 1.2 bn for the same period.

Behind the numbers:The drop in revenues was caused by lower commercial delivery volumes during the first quarter after an uptick during 4Q 2024. The lower delivery volumes were partially offset by higher average selling prices on the back of more consumer deliveries, the company said.

Tariffs could increase the company’s costs by a few USD thousands per vehicle, CEO RJ Scarnige told Bloomberg on Wednesday. The EV maker slashed its 2025 delivery forecast to 40k-46k units — down from its earlier 46-51k estimate earlier this year.

But Rivian has no plan to change the R2’s USD 45k starting price, Scarnige said. The company’s upcoming R2 has a lower price and uses batteries made in Arizona, which would help it be more immune to supply chain volatility. Rivian also stockpiled battery cells from suppliers in China and South Korea ahead of the tariffs, securing needed input to support production till early next year.

LUCID-

PIF-backed EV maker Lucid Motors recorded a net loss of USD 366 mn in 1Q 2025, a 46% y-o-y decrease — based on our calculations — from last year’s USD 681 mn loss, according to its earnings release (pdf) published on Tuesday. Revenues jumped some 36% y-o-y to USD 235 mn, up from USD 173 mn.

Delivery boost: Lucid’s deliveries increased around 58% y-o-y to 3.1k vehicles in the first quarter, and the company produced some 2.2k units, with 600 vehicles on the way to Saudi Arabia

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Lucid also expects an 8-15% cost hike from tariffs, but is sticking with its full-year production guidance of 20k units, CEO Marc Winterhoff told Reuters on Wednesday. The company is also considering relocating the production of its newly planned USD 50k midsize SUV to Saudi Arabia to sidestep tariff-related costs, but a final decision has not been made, Winterhoff said.

MA’ADEN-

Ma’aden posted a 58% y-o-y surge to net income to SAR 1.6 bn in 1Q 2025, supported by higher JV contributions, lower finance costs, and reduced zakat and tax, partly offset by higher expenses and the absence of last year’s SAR 199 mn insurance gain, it said in an earnings release (pdf). Revenue rose 16% y-o-y to SAR 8.5 bn, driven by higher commodity prices and increased sales volumes across most products.

A busy quarter: Key milestones for the mining giant included advancing phase one of its thirdphosphate fertilizers project in Wa’ad Al Shamal and Ras Al Khair, to 35% completion with SAR 3.5 bn in contracts awarded, new gold and copper finds at Wadi Al Jaww and Jabal Shayban, and strong drilling results at Mansourah-Massarah. Maaden completed its SAR 3.62 bn acquisition of Sabic’s 20.6% stake in Alba, signed a non-binding mining JV agreement with Aramco, and expanded globally with new offices and warehouses. It also issued a USD 1.25 bn sukuk, nine times oversubscribed, and fully redeemed its SAR 3.5 bn Ma’aden Phosphate Company sukuk.

Limited impact of tariffs: Ma’aden expects minimal direct impact from US tariffs, citing its competitive cost structure, globally critical products, and geographically diversified customer base.

Looking ahead: Maaden raised its 2025 CAPEX guidance to SAR 7.55–9.55 bn, with 70% earmarked for growth. The first phase of its Phosphate 3 project is set to complete construction by 2026-end, with production starting in 2027 and full capacity by year-end.

ABU QIR FERTILIZERS-

Abu Qir Fertilizers saw its net income dip 35.5% y-o-y to EGP 7.8 bn in the first nine months of the fiscal year 2024-2025, according to the EGX-listed company’s latest financials (pdf). The company attributed the decline in net income to lower FX gains following the EGP float in March of last year, as well as a decline in investment income distribution from Alexandria Fertilizers Company and Helwan Fertilizers Company compared to the same period in the last fiscal year.

The company’s revenues for the period increased 20.3% y-o-y to reach EGP 16.9 bn, while operating profits rose by EGP 752.2 mn and income tax decreased by EGP 1.1 bn compared to the same period last year.

REMEMBER- The company said in December it wants to deploy 50 tons of green hydrogen daily to displace an unidentified amount of natural gas in its Abu Qir 2 and 3 ammonia plants while increasing the production capacity of the Abu Qir 1 plant from 1.1k tons to 1.2k tons. The company also signed several agreements with international and local companies to support Abu Qir’s green plans, most recently with MPS and ABB Group to optimize natural gas consumption.

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