Saudi Energy announced on May 6 its interim consolidated condensed financial results for the three-month period ending March 31, 2026. The company reported sales revenue of SAR 21,336 million for the quarter, an increase of approximately nine percent compared to SAR 19,500 million in the same period last year.
The announcement matters as it provides insight into Saudi Energy’s financial performance and operational efficiency during a period marked by increased demand and expansion. The net profit attributable to shareholders reached SAR 1,833 million in the first quarter of this year, up from SAR 968 million in the same quarter last year. Total comprehensive income attributable to shareholders was SAR 1,965 million compared to SAR 752 million previously.
According to Saudi Energy, “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 attributable to growth in the grid’s regulated asset base; (2) growing demand for electric power; (3) increased electricity production revenue by Saudi Energy; and (4) continued expansion in the subscribers’ base.” The company also said that improved operating efficiency and decreased provisions for trade receivables contributed positively.
Comparing quarterly performance with previous periods, Saudi Energy noted that “the decrease in revenues during the current quarter compared to the previous quarter is mainly due to lower volume of power sold reflecting seasonality of sales.” However, net profit rose over last quarter due primarily to reduced operating costs from lower power volumes sold.
The external auditor issued an unmodified conclusion with no additional comments or reclassifications mentioned. Additional information provided by Saudi Energy states: “The net loss attributable to ordinary shares for the first quarter of 2026 after deducting Mudaraba instrument distributions of SAR 2,235 million amounted to SAR 403 million, compared to a net loss of SAR 1,194 million for the same quarter last year. Accordingly, basic and diluted loss per share improved to SAR 0.10 in this current quarter versus a loss per share of SAR 0.29 previously.”
