The net profit of Saudi Electricity Company “SEC” (5110) jumped by 18% YoY in the third quarter of 2024, reaching approximately SAR 7 billion.
Details
In the past three months, Saudi Electricity benefited from an increase in the regulated weighted average cost of capital, growth in its regulated asset base, and higher revenues from electricity generation.
Additionally, the company saw an increase in its subscriber base and generated new revenue from the development of projects to build power stations and transmission lines for its clients.
Quarterly revenue amounted to SAR 28.3 billion, a 19% YoY increase.
So what
The company, owned by the Saudi sovereign wealth fund by about 74%, saw its net income increase during the nine months ending on September 30. This translates to a 17% YoY hike to SAR 12 billion.
Revenue also grew by 17%, reaching SAR 66.6 billion.
Earnings per share rose to SAR 1.33, compared to SAR 1.11 during the same period last year.
Some context
The company’s capital expenditure investments grew by 35% YoY in the first nine months of this year, approaching 40 billion riyals (with SAR 14.6 billion spent in Q3).
At the “Energy Localization Forum,” Saudi Electricity revealed it had signed 46 localization agreements worth nearly SAR 55 billion.
These agreements aim to enhance the sustainability of supply chains and promote the localization of energy supplies.
The company also completed several significant financing deals, totaling approximately SAR 41 billion since the beginning of 2024 to fuel its growth strategy.
In July, the company’s credit rating outlook was revised from stable to positive by Standard & Poor’s.
