Latest news with #SaudiElectricityCo
Bloomberg
16-06-2025
- Business
- Bloomberg
Saudi Electricity Seeks $1 Billion Loan Amid New Projects
Saudi Electricity Co. is marketing a $1 billion loan, people familiar with the matter said, as the firm seeks to finance new projects, including the expansion of a power plant. The lending facility will carry a five-year tenor, with Sumitomo Mitsui Banking Corp. acting as the sole mandated lead arranger and bookrunner for the deal, said the people, who asked not to be identified as the matter is private.
Argaam
09-06-2025
- Business
- Argaam
Saudi Electricity says operating plan of Hajj 2025 season ‘successful'
Saudi Electricity Co. (SEC) announced the 'successful' completion of the operational plan for the Hajj 2025 season, with no power outages or emergency disruption affecting the public electrical grid in Makkah and the Holy sites. On its official X account, SEC said it registered the highest-ever peak load of 358 megawatts in Mina on the second day of Eid al-Adha, marking an increase of approximately 4% compared to last year. The state-run utility confirmed that the grid performance remained stable. This is in line with the ongoing operating plan, designed to serve pilgrims with high efficiency and reliability.
Trade Arabia
15-04-2025
- Business
- Trade Arabia
Quarterly net profits of GCC firms see drop in Q4, 2024
Quarterly net profits reported by companies listed on GCC exchanges continued to decline, reaching a three-quarter low level during Q4-2024, according to a Kamco Invest report. Aggregate profits during the quarter declined by 5% q-o-q to reach $57.3 billion after a broad-based decline in profits across most exchanges more than offset a growth in profits reported by companies listed on Dubai and Abu Dhabi. In terms of y-o-y trend, however, aggregate profits during the quarter witnessed a marginal growth of 2% after healthy growth in profits for most exchanges was partially offset by a decline in aggregate profits for companies listed on the Abu Dhabi exchange. At the country level, profits growth was highest for companies listed on the Oman exchange, registering a y-o-y increase of 83.4% during Q4-2024 followed by Bahrain and Kuwait with profit growth of 43.2% and 37.1%, respectively. Saudi-listed companies posted a marginal y-o-y profit growth of 3.1%, while the growth registered by corporates in Dubai and Qatari were around 20%. In terms of sector performance, the biggest y-o-y decline was reported by companies in the energy sector with aggregate profits down by 16.6% or $5.1 billion to reach $25.7 billion in Q4-2024. The Utilities sector also affected aggregate profit at the GCC level with an aggregate net loss of $1.3 billionn for the sector during Q4-2024 as compared to a profit of $338.9 million during Q4-2023. The loss mainly reflected a bigger net loss reported by Saudi Electricity Co during Q4-2024 at $2 billion. The GCC F&B sector recorded the third-biggest y-o-y drop in net profits by 12% or $0.6 billion during Q4-2024 reaching $4.2 billion as compared to $4.7 billion during Q4-2023. On the other hand, the GCC Telecom sector recorded the biggest absolute y-o-y profit growth during Q4-2024 with an increase of 171% or $3.4 billion to reach $5.3 billion mainly reflecting the extraordinary profits recorded by Saudi Telecom Company.
Zawya
15-04-2025
- Business
- Zawya
Quarterly net profits of GCC firms see drop in Q4, 2024
Quarterly net profits reported by companies listed on GCC exchanges continued to decline, reaching a three-quarter low level during Q4-2024, according to a Kamco Invest report. Aggregate profits during the quarter declined by 5% q-o-q to reach $57.3 billion after a broad-based decline in profits across most exchanges more than offset a growth in profits reported by companies listed on Dubai and Abu Dhabi. In terms of y-o-y trend, however, aggregate profits during the quarter witnessed a marginal growth of 2% after healthy growth in profits for most exchanges was partially offset by a decline in aggregate profits for companies listed on the Abu Dhabi exchange. At the country level, profits growth was highest for companies listed on the Oman exchange, registering a y-o-y increase of 83.4% during Q4-2024 followed by Bahrain and Kuwait with profit growth of 43.2% and 37.1%, respectively. Saudi-listed companies posted a marginal y-o-y profit growth of 3.1%, while the growth registered by corporates in Dubai and Qatari were around 20%. In terms of sector performance, the biggest y-o-y decline was reported by companies in the energy sector with aggregate profits down by 16.6% or $5.1 billion to reach $25.7 billion in Q4-2024. The Utilities sector also affected aggregate profit at the GCC level with an aggregate net loss of $1.3 billionn for the sector during Q4-2024 as compared to a profit of $338.9 million during Q4-2023. The loss mainly reflected a bigger net loss reported by Saudi Electricity Co during Q4-2024 at $2 billion. The GCC F&B sector recorded the third-biggest y-o-y drop in net profits by 12% or $0.6 billion during Q4-2024 reaching $4.2 billion as compared to $4.7 billion during Q4-2023. On the other hand, the GCC Telecom sector recorded the biggest absolute y-o-y profit growth during Q4-2024 with an increase of 171% or $3.4 billion to reach $5.3 billion mainly reflecting the extraordinary profits recorded by Saudi Telecom Company. Banks also showed higher y-o-y profits during Q4-2024 registering an increase of 16.2% or $2 billion to reach $14.4 billion, the report said. - TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Argaam
25-03-2025
- Business
- Argaam
KEIR signs SAR 119.5M contract with Saudi Electricity
Keir International Co. signed today, July 15, a contract with Saudi Electricity Co. (SEC) for the project of replacing cable circuits in Riyadh, with a total value of SAR 119.5 million, including VAT. According to a statement to Tadawul, the contract includes replacing the old 132 kV oil-filled underground cable circuits with new cables between several substations in the central operational area in Al-Murabba district, Riyadh. The 23-month contract was signed on March 24, the statement noted, adding that the relative financial impact is expected to be reflected from Q2 2025 to Q4 2027. There are no related parties to the deal.
