Energy Saudi Electricity Q3 profit rises as revenue jumps 18% By Pramod Kumar November 6, 2024, 9:53 AM 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. Sabic announces SAR1bn profit in dramatic turnaround PIF renews focus on domestic investment and AI Four-fold boost to Saudi data centres planned 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.
