Saudi Electricity Company Reports Net Profit of SAR11.6 Billion for First Nine Months of 2025

Saudi Electricity Company (SEC) announced in a press release its financial results for the third quarter and the nine-month period ended September 30, 2025, reporting strong revenue growth and sustained operational excellence. The performance was supported by strategic investments that enabled the Kingdom’s energy transition and reinforced the sustainability of the company’s business model.
 During the first nine months of 2025, operating revenues rose 17.6% to SAR78.3 billion, driven by an increase in the required revenue reflecting the expansion of the regulated asset base (RAB) of the electricity grid and higher generation revenues to meet growing demand.
 Gross profit increased 10.1% to SAR17.7 billion, and operating profit grew 1.4% to SAR16.1 billion, reflecting stable financial performance and continued operating efficiency despite lower other income and higher provisions for electricity consumption receivables. Net profit amounted to SAR11.6 billion, compared with SAR12.1 billion during the same period last year, a decrease of 4.6%, mainly due to higher financing costs related to new funding obtained for major capital expansion projects supporting future growth.
 In Q3 2025, operating revenues reached SAR31.0 billion, up 9.6% from SAR28.3 billion in Q3 2024. Gross profit was SAR7.5 billion compared to SAR8.8 billion in Q3 2024, operating profit was SAR7.0 billion compared to SAR8.3 billion in Q3 2024, and net profit was SAR5.3 billion compared to SAR6.9 billion in Q3 2024. The decline in quarterly net income reflects higher operations and maintenance, and depreciation expenses reflecting growing business and increased operating assets, as well as higher financing costs associated with large-scale capital expenditure projects.
 CEO of SEC Eng. Khalid Al-Ghamdi 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 SAR74 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 the end of Q3 2025, grid-connected renewable energy exceeded 12.3 GW, while 8 GWh of battery energy storage systems were commissioned and connected. Another 14 GWh are under development for completion next year, strengthening grid reliability and renewable integration.
 The release also highlighted that the SEC–EDF Energy Solutions consortium won the 600 MW Samtah PV project (PPA value SAR1.4 billion), the first large-scale solar project developed by SEC, marking a major step in diversifying its generation mix and progressing toward net-zero 2050. SEC also signed SAR12.8 billion PPAs for the Riyadh CCGT plants (PP13 & PP14, 3,356 MW) and began converting liquid fuel to natural gas at the Rabigh-2 plant (2,800 MW) to boost efficiency and reduce emissions.
 To support future growth, SEC secured over $4 billion in new financing with local and international institutions during FII9 and achieved financial close for the Qurayyah CCGT expansion (3,010 MW) in partnership with ACWA Power, via SAR10.8 billion in non-recourse project financing.
 According to the release, SEC also became a strategic investor in NAMI, advancing domestic manufacturing, reverse engineering, and local-content expansion in the energy sector. Furthermore, R&D spending surged by 447%, supporting digital transformation and sustainable energy solutions.
 Electricity demand increased by 3% to 77.1 GW, and total consumption rose 7% to 275.1 TWh. The company added 183,000 new customers, bringing its total to 11.5 million. The distribution network expanded by 7% to 840 thousand circuit kilometers, while transmission and fiber-optic networks grew by 5% and 9%, respectively, reaching 104.6 thousand and 102.7 thousand circuit kilometers.
 During the period, the SEC made notable progress in enhancing service reliability and customer experience by automating distribution substations and integrating them with control centers via fiber optics. The automation rate reached 39.29%, and customer satisfaction rose to 85%, highlighting ongoing improvements in service quality and engagement.
 SEC continues to advance its strategic plans to enhance grid reliability and expand operational capacity, supporting the Kingdom’s economic and urban growth while building a more efficient and sustainable energy future.