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The Saudi Electricity Company (SEC) has announced impressive financial results for the second quarter and the first half of 2025, marking a 22% year-on-year growth in its net profit. In the second quarter, the company reported revenues of 27.7 billion SAR, a 24% increase compared to the same period last year. This growth translated into a gross profit of 7.4 billion SAR, demonstrating a 42% increase. Furthermore, operating profit also showed significant improvement, rising by 21% to reach 6.8 billion SAR.
Considering the first half as a whole, SEC reported revenues of 47.2 billion SAR, representing a 23% increase. The gross profit for this period grew by 40%, while operating profit saw a 20% increase. These results reflect a solid trajectory driven by an increase in the regulated asset base and electricity production, in line with the growing energy demand in the country.
However, SEC cautioned that some of these gains were tempered by an increase in operating expenses and a higher level of provisions for accounts receivable. The company has focused on expanding its electrical network, including integrating renewable sources and developing energy storage projects.
Engineer Khalid bin Salim Al-Ghamdi, acting CEO, highlighted that these results are a testament to the company’s commitment to sustainability and operational excellence, aligning with Saudi Arabia’s Vision 2030. During this first half, SEC also reached an important milestone by exceeding 9.2 GW in connected renewable energy capacity, as well as launching 8.0 GWh of battery energy storage systems in various locations.
In terms of sustainability, SEC has significantly improved its ESG rating, achieving 65 points out of 100, a 30% increase compared to the previous year. During this period, electricity demand also showed growth, with a 3% increase in peak load and a 10% increase in total consumption.
On the other hand, the company has connected 110,000 new customers, bringing the total to 11.4 million. This expansion has resulted in a 6% increase in the length of its distribution network, surpassing 827,000 kilometers. These initiatives have not only improved service reliability but also increased customer satisfaction to 85.8%. Additionally, automation of distribution substations has reached 38.4%, further enhancing the quality of the service provided.
Source: MiMub in Spanish
