Saudi Electricity Company (SEC) has released its interim consolidated condensed financial results for the first quarter ending March 31, 2025. The company reported sales revenue of 19,500 million Saudi riyals, marking a 22.966% increase compared to the same period last year. Gross profit rose by 34.299% to reach 2,874 million riyals.
Operational profit increased by 16.295% from the previous year, amounting to 2,348 million riyals. Net profit saw a rise of 7.915%, totaling 968 million riyals for the quarter.
The company attributed the increase in sales and net profit primarily to higher operating revenues due to an expanded grid's regulated asset base and increased electricity production revenue driven by demand growth. "The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year is mainly attributed to...an increase in revenue from projects development and management," SEC stated.
Despite these gains, total comprehensive income decreased by 37.333% compared to last year, standing at 752 million riyals.
Compared with the previous quarter, SEC experienced a decline in sales revenue by 11.812%, attributed to seasonal variations affecting sales volume. However, net profit improved due to reduced operating costs and lower non-recurring expenses following a settlement related to technical differences in fuel quantities and prices.
The external auditor's report concluded with an unmodified opinion and noted no significant comments or disclaimers.
SEC's shareholders' equity remained relatively stable at 257,811 million riyals after deducting minority equity—a slight increase of 0.113% from last year.
"The net loss attributable to ordinary shares for the first quarter of 2025 amounted to 1,194 million Saudi riyals," SEC reported, indicating a slight improvement over last year's comparable period.
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