The Saudi Electricity Company (SEC) reported a 23% increase in operating revenues for the first quarter of 2025, reaching SAR 19.5 billion compared to SAR 15.9 billion in the same period last year. This growth is attributed to the expansion of the regulated asset base, increased electricity generation revenues due to rising demand, and higher revenues from project development related to substations and transmission lines.
Gross profit rose by 34.3% to SAR 2.9 billion, while operating profit grew by 16.2% to SAR 2.3 billion. Despite higher financing costs from investment plans, net profit saw a rise of 7.9%, totaling SAR 968 million.
"Our first-quarter performance marks a robust start to the fiscal year 2025," said SEC’s CEO, Eng. Khalid Bin Salem Al-Ghamdi, highlighting strong growth driven by business expansions and operational efficiency improvements.
Al-Ghamdi emphasized SEC's commitment "to delivering reliable, high-quality services" and optimism about future growth prospects as part of Saudi Vision 2030.
During this period, SEC added approximately 60,300 new customers, expanding its distribution network to over 816,000 circuit kilometers. The company also achieved an automation rate of distribution stations at 37.5%.
Regionally, SEC continued work on the Saudi-Egypt electricity interconnection project with a capacity of 3 GW and conducted studies for potential international projects with Italy, Greece, and India.
In renewable energy efforts aligned with Vision 2030 targets, SEC connected about 6.7 GW capacity by Q1 end and plans additional projects totaling another 34.4 GW by 2027.
The company's power generation capacity reached approximately 56 GW with ongoing development projects adding up to another potential capacity of over 23 GW.
To support expansion plans financially, SEC issued dual-tranche Sukuk amounting to USD $2.75 billion under favorable terms—reflecting global investor confidence—and achieved an upgrade in its credit rating by Standard & Poor’s (S&P) to A+ with a stable outlook in March.
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