Saudi Electricity Company (SEC) has released its interim consolidated condensed financial results for the six months ending June 30, 2025. The company reported sales revenue of SAR 27.72 billion for the current quarter, up from SAR 22.38 billion in the same quarter last year, representing an increase of about 24%. Compared to the previous quarter, sales revenue rose by over 42%.
Gross profit for the quarter reached SAR 7.35 billion, a rise from SAR 5.17 billion in the corresponding period last year. Operational profit increased to SAR 6.76 billion from SAR 5.59 billion year-on-year.
Net profit for the current quarter was SAR 5.28 billion, up from SAR 4.35 billion in the same period last year and significantly higher than the previous quarter’s net profit of SAR 968 million.
Total comprehensive income stood at SAR 5.09 billion compared to SAR 4.39 billion in the similar quarter last year.
For the six-month period ending June 30, SEC posted sales revenue of SAR 47.22 billion versus SAR 38.24 billion in the same period last year, marking an increase of approximately 23%. Net profit for this period amounted to SAR 6.25 billion, up from SAR 5.24 billion a year earlier.
The company attributed these increases mainly to higher required revenue recognized during the current periods due to an expanded regulated asset base on its grid and increased demand for electricity as well as continued growth in its subscriber base and additional revenue from projects involving construction and management of substations and transmission lines for customers.
SEC noted that “The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year, is mainly attributed to (1) the increase in required revenue recognized during the current quarter, due to an increase in the grid’s regulated asset base, coupled with increased demand for electric power and continued growth in subscribers’ base, (2) an increase in revenue from projects development and management to construct substations and transmission lines on behalf of SEC’s customers.”
The company further explained that net profit growth was partially offset by higher operating and maintenance costs associated with business expansion and more assets under operation; there was also a greater provision for electricity subscribers’ receivables compared with previous periods as well as a decrease in other income related to a one-off settlement with a supplier recorded last year.
According to SEC: “The increase in net profit for the current quarter compared to the corresponding quarter of the previous year is mainly due to (1)the increase in required revenue recognized during the current quarter, due to an increase in the grid’s regulated asset base,(2) Increase in electricity production revenue and continued growth in demand.The aforementioned items have been partially offset by (1) higher operating and maintenance costs due to growing business and operating assets,and (2)increase in provision for electricity subscribers’ receivables.(3)Decrease in other income due to a non-recurring item from a one-off settlement with a supplier in the corresponding quarter of the previous year.”
Compared with Q1-2025 results, quarterly increases were linked primarily to seasonality affecting electricity sales volumes: “The increase in revenues during the current quarter compared to the previous quarter is mainly due to higher quantity sold reflecting seasonality of sales,” stated SEC.
For shareholders’ equity after deducting minority equity interests at mid-year totaled nearly SAR 260 billion—an annual gain just over two percent.
Net profit attributable specifically to common shares after deduction related profits amounted to about SAR 1.86 billion versus roughly SAR 870 million during H1-2024; earnings per share reached SAR 0.45 against SAR 0.21 previously.
The external auditor issued an unmodified conclusion on these financial statements without any reservations or special notes reported by management regarding audit findings or classification issues aside from standard reclassifications made between comparative periods.
SEC announced plans for a conference call with investors and analysts scheduled on August 12th at 4:00 PM KSA time; interested parties can contact Investor Relations via IR@se.com.sa.
