Saudi Electricity Company (SEC) continued to deliver robust financial and operational performance in both the second quarter and first half of 2025.
The revenue for Q2 grew by 24% to reach SAR27.7 billion ($7.3 billion), while gross profit rose by 42% to SAR7.4 billion ($1.9 billion). Operating profit increased by 21% to SAR6.8 billion ($1.8 billion), and net profit reached SAR5.3 billion ($1.4 billion) - marking a 22% year-on-year increase.
For the first half of 2025, SEC reported a revenue growth of 23%, totalling SAR47.2 billion. Gross profit rose by 40% to SAR10.2 billion, operating profit increased by 20% to SAR9.1 billion, and net profit grew by 19% to SAR6.3 billion compared to the same period in 2024.
According to SEC, this strong financial performance was primarily driven by higher allowed revenue due to the growth of the regulated asset base of the electricity network and increased electricity production revenues in response to rising energy demand.
These gains were partially offset by higher operating and maintenance expenses due to network expansion, asset growth, and increased loads, as well as a rise in provisions for accounts receivable and a decrease in other income, it stated.
SEC pointwed out that the expansion of its regulated asset base reflects the continued growth in its transmission and distribution networks to meet increasing electricity demand, support renewable energy integration, and advance energy storage projects.
The company is also maintaining strategic investments in digital transformation and operational excellence initiatives.
Acting CEO Engineer Khalid Al Ghamdi said: "Our positive performance in the first half reflects the company’s continued growth across its business portfolio and asset base. It aligns with our strategy to provide reliable and secure electricity across the Kingdom, improve service quality for our customers, and advance sustainability and operational excellence."
"We are committed to further strengthening our position and leveraging the significant opportunities emerging from the energy transition in Saudi Arabia, in line with the ambitions of Vision 2030—enabled by the dedication of our talented national workforce and our unwavering commitment to serving the nation," he added.-TradeArabia News Service