Riyadh, Saudi Arabia — Saudi Electricity Company (SEC) has posted a 40 percent increase in gross profit to SAR 10.2 billion, 20 percent increase in operating profit to SAR 9.1 billion and 19 percent increase in net profit to SAR 6.3 billion ($1.67 billion), while revenue grew by 23 percent to SAR 47.2 billion, in the first half of 2025 compared to the same period in 2024.
Revenue for Q2 grew by 24 percent to reach SAR 27.7 billion ($7.38 billion), while gross profit rose by 42 percent to SAR 7.4 billion. Operating profit increased by 21 percent to SAR 6.8 billion, and net profit reached SAR 5.3 billion-marking a 22 percent year-on-year increase.
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, SEC said in a statement.
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 added.
Commenting on the results, Engineer Khalid bin Salim Al-Ghamdi, Acting CEO of SEC, stated:
“Our positive performance in the first half of 2025 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.”
As of the end of H1 2025, the renewable energy capacity connected to the grid exceeded 9.2 GW, and the company successfully commissioned 8.0 GWh of battery energy storage systems across four sites: Bisha, Jazan, Khamis Mushait, and Najran.
SEC is currently developing an additional 14 GWh of storage capacity, expected to be operational and grid-connected next year, further strengthening grid reliability and renewable energy integration.
