Saudi Electricity Company (SEC) has reported a net profit of SAR 11.6 billion for the first nine months of 2025, according to its latest financial results. The company’s operating revenues increased by 17.6% to SAR 78.3 billion, supported by expansion in the regulated asset base and higher generation revenues to meet rising demand.
Gross profit rose by 10.1% to SAR 17.7 billion, while operating profit grew by 1.4% to SAR 16.1 billion during the same period. However, net profit decreased by 4.6% compared with last year’s SAR 12.1 billion, mainly due to higher financing costs linked to new funding for major capital projects.
In the third quarter of 2025, SEC’s operating revenues reached SAR 31 billion, an increase from SAR 28.3 billion in Q3 of the previous year. Gross profit for the quarter was SAR 7.5 billion compared with SAR 8.8 billion a year earlier, and operating profit was SAR 7 billion versus last year’s SAR 8.3 billion for the same period. Net profit for Q3 stood at SAR 5.3 billion, down from SAR 6.9 billion in Q3 of the prior year.
The decline in quarterly net income is attributed to increased operations and maintenance expenses, higher depreciation from expanded assets, and greater financing costs associated with ongoing capital expenditure projects.
Eng. Khalid bin Salem Al-Ghamdi, Chief Executive Officer of SEC, stated: “Our financial performance continues to demonstrate high-quality growth across our asset portfolio and operations. This reflects SEC’s evolving role beyond being a power service provider to becoming a key enabler of the Kingdom’s sustainable energy future anchored in innovation and sustainable investment, enhancing national competitiveness and delivering value to our shareholders and our nation”.
He added: “We continue to advance major generation, transmission, and distribution projects, and to strengthen local and international partnerships to expand clean-energy deployment, achieve operational excellence, and enhance the reliability and quality of our power services. During the first nine months of 2025, we successfully executed record investments of approximately SAR 74 billion, the highest in SEC’s history, which are expected to be key drivers of regulated asset base growth and business expansion in the periods ahead.”
By September end this year, grid-connected renewable energy capacity surpassed 12.3 GW at SEC facilities; battery energy storage systems totaling eight GWh were also commissioned with another fourteen GWh under development for completion next year.
A consortium led by SEC–EDF Energy Solutions secured a contract for developing a large-scale solar project (600 MW Samtah PV), marking SEC’s first major solar initiative as part of efforts toward diversifying its generation mix on route toward net-zero emissions by mid-century.
Additionally, SEC signed power purchase agreements worth over SAR 12 billion for combined cycle gas turbine plants in Riyadh (PP13 & PP14) totaling more than three gigawatts capacity; it also began converting liquid fuel units at Rabigh-2 plant (2,800 MW) into natural gas operation aimed at improving efficiency while reducing emissions.
To finance these initiatives supporting future growth plans—including expansions such as Qurayyah CCGT—SEC obtained over US$4 billion from both domestic and international sources during FII9 meetings; non-recourse project financing valued at around SAR10bn was arranged through partnership with ACWA Power.
SEC became a strategic investor in NAMI as part of advancing domestic manufacturing capabilities within Saudi Arabia’s energy sector while boosting R&D spending significantly—by nearly fivefold—to support digital transformation efforts focused on sustainable energy solutions.
Electricity demand grew three percent reaching peak load levels near seventy-seven gigawatts; total consumption climbed seven percent topping two hundred seventy-five terawatt-hours over nine months this year alone; more than one hundred eighty thousand new customers were connected bringing overall customer count up past eleven million five hundred thousand nationwide.
Distribution network coverage expanded seven percent now exceeding eight hundred forty thousand circuit kilometers; transmission infrastructure grew five percent while fiber optic networks saw nine percent growth reaching over one hundred thousand circuit kilometers each respectively.
Service reliability improvements included automating distribution substations integrating them via fiber optics into control centers—automation rate now stands just under forty percent—with customer satisfaction rising up toward eighty-five percent reflecting ongoing enhancements made throughout service delivery channels.
Accordingly: “SEC continues to advance its strategic plans to enhance grid reliability and expand operational capacity,” supporting broader economic as well as urban development objectives within Saudi Arabia while aiming for greater efficiency alongside long-term sustainability goals.
