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Saudi Electricity Company (SEC) headquarters
The Saudi Electricity Company (SEC) demonstrated continued improvement in financial performance during the third quarter and the first nine months of 2024. In Q3 2024, SEC reported a 19% increase year on year in revenues, reaching SAR 28.3 billion, and an 18% rise year on year in net profit, reaching SAR 6.9 billion. For the nine-month period, revenues grew by 17%, totaling SAR 66.6 billion, while net profit increased by 17%, amounting to SAR 12.1 billion, compared to the same period last year.
The improvement in the company's financial performance in Q3 2024, compared to the same quarter last year, is primarily attributed to an increase in required revenue recognized during the current quarter. This increase was driven by a higher regulated weighted average cost of capital (WACC), growth in the regulated asset base, an increase in electric power production revenues, and sustained growth in the subscriber base. Additionally, new revenue streams came through development projects to construct substations and transmission lines.
During the first nine months of 2024, the improvement in financial performance, compared to the same period last year, can be attributed to the factors outlined in Q3 2024. Additionally, this growth was supported by a reduction in financing charges and an increase in other income. However, these gains were offset by an increase in the revenue costs, reflecting business expansion, growing operating assets base, and higher loads, including the recognition of cost of revenue for construction contracts under development for clients.
Furthermore, enhanced resource management and improved efficiency in operating costs contributed to the better control of operations and maintenance expenses, which increased marginally despite the overall business expansion, increased operating assets, and higher loads.
In July 2024, Standard & Poor’s revised the company's credit rating outlook from stable to positive, resulting in an (A, positive outlook) rating. This adjustment reflects the company’s strong financial and strategic position and its credit rating alignment with the sovereign rating of the Kingdom across all major international credit rating agencies. The company’s credit ratings from Moody’s and Fitch are A1 with a positive outlook and A+ with a stable outlook, respectively.
SEC’s Acting CEO, Eng. Khalid bin Salim AlGhamdi commented on the results for Q3 2024 and the first nine months of 2024, stating: “The positive financial and operational performance during the third quarter and the nine-month period of 2024 reflects the growth of the company’s business and its operating asset base, alongside ongoing improvements in resource management effectiveness and operating expenses efficiency. This progress is further supported by continuous enhancement in key performance indicators related to the security, reliability, and diversity of energy supplies, as well as the reliability and efficiency of the electrical service.”
Eng. AlGhamdi added, “Guided by our pioneering role as a vertically integrated electricity -service provider in the Kingdom, and our position as the largest producer, transmitter, and distributor of electrical energy in the Middle East and North Africa, we play a pivotal role in fostering a diverse and sustainable energy mix over the grid. We are successfully implementing substantial investments to support this rapid, and unprecedented pace of development at both regional and global scales. Furthermore, we are meeting rising demand for the electricity service and higher loads requirements driven by economic and demographic expansion in the kingdom while remaining steadfastly committed to increasing local content and localizing industry in alignment with the goals of Saudi Vision 2030.”
SEC remains committed to future growth investments aimed at enhancing service efficiency, quality, and reliability. Capital investments grew by 35% year on year in the first nine months of 2024 to reach SAR 39.7 billion (including SAR 14.6 billion in Q3 2024) compared to the same period last year.
At the Energy Localization Forum, the company announced the signing of 46 localization agreements valued at over SAR 54.7 billion, each with specific local content targets designed to enhance the sustainability of supply chains and promote localization within energy supplies. In 2023, SEC made significant strides in its local content classification, achieving over 63.38% and exceeding the 2025 targets set by Saudi Vision 2030. This milestone follows the company's receipt of the 2023 local content certificate from the Local Content and Government Procurement Authority.
The company has successfully completed several prominent financing transactions with a total value of approximately SAR 41 billion since the beginning of 2024. These deals are supporting ongoing investments for future growth.
The company is actively pursuing advancements in sustainability, aligning with sector trends and objectives to enhance operational efficiency and the quality of electrical services while minimizing environmental impacts.
This commitment also contributes to the Kingdom’s efforts to reduce carbon emissions. In August 2024, the company announced a 43% increase in its Environmental, Social, and Governance (ESG) rating for the year, rising from 35 to 50 according to Standard & Poor’s (S&P) “Corporate Sustainability Assessment”, one of the world’s leading ESG rating agencies. This annual evaluation is conducted to provide a comprehensive assessment of corporate sustainability efforts. Additionally, SEC also received two corporate social responsibility awards for the year 2024: the Gold Category Award for outstanding contributions and the Best Practices Award in the energy sector, organized by the Ministry of Human Resources and Social Development. These awards recognize the company’s ongoing efforts to adopt responsible practices toward society and the environment, as well as its social responsibility programs and initiatives, which are centered around three main pillars: health and well-being, environmental protection and renewal, and economic prosperity.
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