Saudi Electricity sees 18 per cent increase in net profit

Dubai: The Saudi Electricity Company, 75 per cent owned by the Public Investment Fund, reported an 18 per cent year-on-year increase in net profit, reaching $1.84 billion (Dh6.7 billion).

Revenue rose by 18 per cent, climbing to $7.5 billion (Dh27 billion) from $6.3 billion (Dh23 billion) in the previous year, driven by higher electricity production revenues, as reported by news outlet Arabian Gulf Business Insight.

The growth was further supported by an expanding customer base and new revenue streams from development projects, including the construction of substations and transmission lines for customers.

For the nine-month period, the state-owned utility’s net profit increased by 17 per cent year-on-year to $3.2 billion (Dh11.7 billion), with total revenue growing 17 per cent to $17.7 billion (Dh65 billion).

The company also projected capital expenditures of $9.3 billion (Dh34 billion) to $10.6 billion (Dh38.9 billion) for 2024.

As of Q2 2024, Saudi Electricity holds a 66 per cent market share and serves 11.2 million customers.

In August, the company secured a $4 billion (Dh14.6 billion) revolving international credit facility to support its general corporate funding needs.