Saudi Electricity’s improved profitability enhances investments, efficiency: Acting CEO

Chief Executive Officer (CEO) Khaled Al-Gnoon

Saudi Electricity Co.’s (SEC) improved profitability enhances its financial ability to inject the required priority investments to boost reliability and efficiency in the electricity system, acting Chief Executive Officer (CEO) Khaled Al-Gnoon said in a statement.

The Kingdom’s utility provider seeks to enhance the reliability of the electricity transmission grid to bolster the power generation efficiency and enable the usage of the renewable energy sources. This is with the objectives of achieving the optimum target energy mix for electricity production as well as enhancing and automating the distribution grid.

These steps are further forecast to contribute to achieving the company’s objectives, improving the quality of services offered to the end-user and enabling the environmental sustainability initiatives.

The financial, regulatory, and structural reforms reflected positively on the industry’s financial sustainability, he said, adding the company’s improved financial position enabled it to achieve the sector’s targets.

“We are currently investing in network modernization, digitization, automation, as well as moving forward with digital transformation and automation of services provided electronically, in addition to keeping up with the increasing demand for electrical service and the necessary network expansion,” Al-Gnoon noted.

Saudi Electricity reported an over fourfold rise in 2021 net profit to SAR 14.391 billion before deducting the payment of Mudaraba coupon, compared to SAR 3.026 billion a year earlier, Argaam reported.