Latest news with #SaudiElectricityCompany
Zawya
14-05-2025
- Business
- Zawya
Saudi: SEC's profits jump 8% in Q1-25; revenues hit $5.2bln
Riyadh – Saudi Electricity Company (SEC) recorded an annual rise of 7.91% in net profit to SAR 968 million during the first quarter (Q1) of 2025, compared to SAR 897 million. The revenues surged by 22.96% year-on-year (YoY) to SAR 19.50 billion in Q1-25 from SAR 15.85 billion, according to the financial results. Loss per share declined to SAR 0.29 as of 31 March 2025 from SAR 0.31 a year earlier. Quarterly, the company turned profitable in Q1-25 against net losses of SAR 5.27 billion in Q4-24, while the revenues fell by 11.81% from SAR 22.11 billion. In 2024, SEC posted 33% YoY lower net profits at SAR 6.86 billion, compared to SAR 10.24 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Argaam
14-05-2025
- Business
- Argaam
Saudi Electricity Company Q1 2025 Revenue Surges 23% to SAR 19.5 billion, Driven by Growing Demand and Expanding Strategic Investments
The Saudi Electricity Company (SEC) has announced its financial results for the first quarter of 2025, demonstrating significant growth in operating revenues, which increased by 23% to SAR 19.5 billion, compared to SAR 15.9 billion for the same quarter in the previous year. This strong performance is attributed to the expansion of the regulated asset base of the electricity grid, higher electricity generation revenues in response to rising demand, and increased revenues from projects' development and management related to the construction of substations and transmission lines for the benefit of the company's customers. The results demonstrate the company's success in expanding its strategic investments and initiatives aimed at improving operational efficiency. The gross profit climbed 34.3% to SAR 2.9 billion, compared to SAR 2.1 billion in the same quarter of the previous year, while operating profit increased by 16.2% to SAR 2.3 billion, up from SAR 2.0 billion. Despite higher financing costs linked to the company's ambitious investment and expansion plans, net profit grew by 7.9% to SAR 968 million, compared to SAR 897 million in the same quarter last year. SEC's CEO, Eng. Khalid Bin Salem Al-Ghamdi, said: "Our first-quarter performance marks a robust start to the fiscal year 2025, reflectingof strong growth in operating revenues driven by business expansions, the accelerated growth of our regulated asset base and continued improvements in operational efficiency. The results confirm the success of our strategy to efficiently implement large-scale strategic investment projects designed to foster the sustainable transformation of Saudi Arabia's energy infrastructure and create long-term value for our stakeholders." He added, "We remain committed to delivering reliable, high-quality services to our customers, accelerating our digital transformation, and enhancing customer experience. We are optimistic about the prospects for SEC's sustainable growth, as we continue to capitalize on emerging opportunities and expand our electrical grid, power generation and storage capacities to support the Kingdom's economic and demographic growth, as well as its sustainable energy transformation plans in line with Saudi Vision 2030." During the first quarter, SEC successfully met growing demand by providing electricity services to approximately 60,300 new customers, bringing the total number of customers to around 11.37 million. Additionally, the distribution network expanded to 816,000 circuit kilometers. The lengths of the transmission and fiber optic networks grew by 4% and 7%, respectively, reaching over 100.700 circuit kilometers for transmission and 100,000 kilometers for fiber optics. The company continued its efforts to enhance the reliability of electric service and improve the customer experience, achieving a customer satisfaction rate of 87%. The company also advanced the development of its digital infrastructure, automated distribution stations, and connected them to control centers via fiber optics. As a result, the automation rate of distribution stations reached 37.5%. Regionally, the company continued the Saudi - Egypt electricity interconnection project with a capacity of 3 GW and is conducting preliminary studies for additional international interconnection projects, including with Italy, Greece and India. To support the Kingdom's leadership in renewable energy and build the future grid aligned with the targeted energy mix under Vision 2030, the company made significant progress in connecting renewable energy sources to the grid. By the end of the first quarter of 2025, the total connected capacity reached approximately 6.7 GW, with additional 34.4 GW of projects planned for completionby 2027. This expansion is complemented by an ambitious plan to deploy battery storage capacities, with the company currently developing and implementing up to 22 GWh. This includes a 500 MW battery project inaugurated in Bisha during the first quarter. In power generation, the total installed capacity of the SEC's generation plants reached approximately 56 GW, and SEC is further growing its power generation fleet with a large portfolio of under development generation projects totaling 23.4 GW, which includes the expansion of fully owned existing plants, in addition to independent power plants (IPP) in which SEC owns a share and new strategic partnerships. During the first quarter of 2025, the company initiated new projects, most notably the expansion of the Qurayyah Independent Power Plant (IPP) with a capacity of 3,010 MW in the Eastern Region, with the potential to build a carbon capture unit. Additionally, the company is converting the fuel used in some plants from liquid fuel to natural gas, aiming to improve thermal efficiency and reduce carbon emissions. To support future growth and financial flexibility, the company successfully financed its expansion plans during the first quarter through the issuance of dual-tranche, unsecured Sukuk amounting to USD 2.75 billion under its international Sukuk programme. The Sukuk were issued under favorable terms and pricing, including a USD 1.5 billion tranche with a 5-year maturity, and a USD 1.25 billion green Sukuk tranche with a 10-year maturity dedicated to supporting sustainable projects. The company successfully priced the 5-year and 10-year tranches at spreads of 85 and 95 basis points, respectively, over the 10-year U.S. Treasury yield, marking a historic record as the tightest spread ever achieved by a Saudi company. This reflects the growing confidence of global investors in the company's strategy and sustainability. The company's financial profile was further strengthened with the upgrade of its credit rating by Standard & Poor's (S&P) to A+ with a stable outlook in March 2025, in line with the sovereign rating of the Kingdom.
CairoScene
01-05-2025
- Business
- CairoScene
NHC & SEC Begin USD 72 Million Power Substation in Jeddah
The project will supply electricity to 8,000 housing units, supporting 45,000 residents in northern Jeddah. The Saudi Electricity Company (SEC) and the National Housing Company (NHC) have begun work on the Sadayem Power Substation Project, a major infrastructure development in northern Jeddah. The USD 72 million project aims to ensure efficient electrical distribution across the area, supporting its growing residential needs. The substation, spanning 4,500 square metres, will be linked by 13 kilometres of electrical connection lines, providing power to 8,000 housing units and benefiting approximately 45,000 residents. The Saudi Electricity Project Development Company will oversee the construction to ensure compliance with engineering and safety standards. Sadayem, located along the Red Sea coast, covers 3.8 million square metres and has the potential to incorporate 8 kilometres of green spaces, reinforcing its position as a key urban development in Jeddah.
ME Construction
24-04-2025
- Business
- ME Construction
SEC to launch 380kV substation and transmission projects in KSA
Infrastructure SEC to launch 380kV substation and transmission projects in KSA By The project includes the construction of the Mawqaq PV 380kV BSP substation, which will support upcoming renewable energy developments across the country The Saudi Electricity Company (SEC) announced plans to commence work on a critical 380kV substation and associated overhead transmission line (OHTL) projects in the central region of Saudi Arabia, as part of the Kingdom's ongoing efforts to expand its renewable energy infrastructure. The project includes the construction of the Mawqaq PV 380kV Bulk Supply Point (BSP) substation, which will support upcoming renewable energy developments across the country. According to SEC, bids have been received from regional utility firms for the initiative. Trading & Development Partnership (TDP) has emerged as the lowest bidder for the substation construction, with a proposed value of US $158mn. In parallel, SEC is also advancing overhead transmission line works. For the 380kV OHTL project connecting the Mawqaq PV BSP to the existing power grid, Alfanar Projects submitted the lowest bid at $42.3mn. SEC stated that the official awarding of the contracts remains contingent on the successful evaluation and approval of the submitted proposals. These projects mark a significant step toward Saudi Arabia's power infrastructure and its transition to sustainable energy sources under Vision 2030. This initiative aligns with the broader goals of the National Renewable Energy Program (NREP), overseen by the Ministry of Energy. Currently, the Saudi Power Procurement Company (SPPC) has issued a Request for Proposals (RFP) for the sixth round of renewable energy projects, offering a total combined capacity of 4,500MW.
Zawya
21-04-2025
- Business
- Zawya
Saudi: SEC to start work on key 380kV substation, OHTL projects
Saudi Electricity Company (SEC) has announced that it has received bids from leading utility majors for the construction of a 380kV substation at Mawqaq in the central region of Saudi Arabia along with other overhead transmission line (OHTL) projects. The substation - Mawqaq PV 380kV BSP - is being set up as part of upcoming Renewable Energy Projects across Saudi Arabia, said SEC in a statement. For the project, Trading & Development Partnership (TDP) has emerged as the lowest bidder with a value of SAR592 million ($158 million), it stated. Besides the 380kV substation, SEC is also implementing Overhead Transmission line (OHTL) projects. For the 380kV OHTL project from Mawqaq PV 380kV BSP to exisitng network, Alfanar Projects got selected for its lowest bid of SAR159.3 million ($42.3 million). The awarding of the above projects will be subject to successful evaluation of bidders proposals, said SEC in its statement. At present, Saudi Power Procurement Company (SPPC) has already issued RFP for the sixth round of renewable energy projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The combined capacity of sixth round of renewable energy projects is 4,500 MW, it added.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
