Saudi Electricity Company (SEC) has reported its interim consolidated financial results for the nine months ending September 30, 2025. The company recorded sales revenue of SAR 31.05 billion in the third quarter, up from SAR 28.32 billion in the same period last year, marking a 9.6% increase. Compared to the previous quarter, revenue rose by nearly 12%.
Despite higher revenues, SEC’s net profit for the third quarter declined to SAR 5.33 billion from SAR 6.90 billion a year earlier, representing a decrease of almost 23%. Net profit saw a slight increase of less than 1% compared to the previous quarter.
For the nine-month period ending September 30, total sales reached SAR 78.27 billion, an increase of about 17.6% over last year’s comparable period. Gross profit grew by just over 10%, and operational profit rose by about 1.4%. However, net profit fell by approximately 4.6% to SAR 11.58 billion from SAR 12.14 billion in the prior-year period.
The company attributed increased revenues during both the current quarter and nine-month period primarily to “the increase in required revenue recognized during the current quarter, due to growth in the grid’s regulated asset base and increased pass-through costs in the required revenue like purchased power cost and others,” as well as “higher electricity production revenue driven by growing generation fleet capacity and improved plant availability to meet growing demand for electric power and continued growth in subscribers’ base.”
SEC explained that lower net profits were mainly due to “higher operations and maintenance costs reflecting growing business and operating assets” along with “higher net financing charges reflecting increased financing to fund SEC’s expanding capital expenditure and enhancing its business growth.” The company noted these effects were partially offset by increased recognized revenues, higher electricity production income, subscriber growth, and a decrease in provision for electricity subscriber receivables.
When comparing quarterly performance sequentially, SEC said: “The increase in revenues during the current quarter compared to the previous quarter is mainly due to higher quantity sold reflecting seasonality of sales.” The rise in quarterly net profit was attributed chiefly to this boost in operating revenues.
Net profit attributable specifically to common shares for this nine-month period was SAR 4.91 billion after deducting profits attributable to Mudaraba Instrument holders (SAR 6.67 billion). This compares with SAR 5.56 billion attributable for common shares during last year’s same period; earnings per share stood at SAR 1.18 versus SAR 1.33 previously.
The external auditor issued an unmodified conclusion on SEC’s financial statements with no additional comments or qualifications noted.
Certain comparative figures have been reclassified for consistency with current-period presentation.
