Skip to content Skip to Search
Skip navigation

Saudi Electricity Q3 profit rises as revenue jumps 18%

By Pramod Kumar
Saudi Electricity Company reported an 18 percent year-on-year growth in net profit to SAR6.9 billion Alamy via Reuters
Saudi Electricity Company reported an 18 percent year-on-year growth in net profit to SAR6.9 billion

Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported an 18 percent year-on-year growth in net profit to SAR6.9 billion ($1.84 billion).

Revenue jumped 18 percent to SAR28.3 billion from SAR23.8 billion a year ago driven by an increase in electricity production revenue.

There was also continued growth in the subscriber base and new revenue from development projects to construct substations and transmission lines for customers.

In the nine-month period, net profit at the state-backed utility provider rose 17 percent year on year to SAR12.1 billion, as the top line jumped 17 percent annually to SAR66.6 billion.

The company announced a projected capital expenditure of SAR35-40 billion for 2024, according to its H2 2024 earnings presentation.

The company holds a 66 percent market share as of Q2 2024 and has 11.2 million customers.

In August, Saudi Electricity signed a $4 billion joint revolving international credit facility to fund its general corporate purposes. 

Latest articles

Claridge's Hotel. Maybourne also owns the Berkeley, the Connaught and the Emory in London

Qatar-backed owner of Claridge’s to open hotel in Dubai

Maybourne Hotels, the owner of Claridge’s in London, is planning to expand to Dubai, Paris, New York and Miami, its co-chief executive has said.  The company, owned by Qatari royals Sheikh Hamad bin Jassim bin Jaber Al Thani and Sheikh Hamad bin Khalifa Al Thani, owns and operates six hotels – four in London and […]

UAE deputy prime minister and finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. The ministry said the tax system is "aligned with global standards"

UAE to introduce 15% tax on large multinationals

The UAE is to increase corporate tax on large multinational enterprises (MNEs) to 15 percent from January 1 2025, the Ministry of Finance has announced. MNEs currently pay 9 percent of their profits in the Emirates. The domestic minimum top-up tax (DMTT) will apply to multinational enterprises with consolidated global revenues of €750 million ($793 […]

The US has overcome misgivings about the UAE's relationship with China to approve computer chip exports

US clears export of advanced AI chips to UAE

The US has approved the export of advanced computer chips used for artificial intelligence to the UAE, reports indicate. Under the agreement the UAE will allow exports to a Microsoft-operated facility for use by Emirati state-backed AI company G42. Microsoft has invested more than $1.5 billion in G42 and holds a minority stake and board […]

John Bass, US undersecretary of state, will visit Jordan this week

US senior official in Jordan to discuss bilateral issues

US undersecretary of state John Bass will arrive in Jordan on Monday to discuss a range of bilateral issues and this week’s $845 million cash transfer to support the Arab state. During meetings with senior Jordanian government officials Bass will also discuss efforts to de-escalate regional conflicts, the US Department of State said in a […]