Riyadh, Saudi Arabia — Saudi Electricity Company earnings rose sharply in Q1 2025, with revenue jumping 23% compared to last year, reaching SAR 19.5 billion, driven by heightened demand and strategic infrastructure investments. The company also posted a 34.3% rise in gross profit to SAR 2.9 billion and a 16.2% increase in operating profit to SAR 2.3 billion. Meanwhile, net profit climbed 7.9% to SAR 968 million, up from SAR 897 million in Q1 2024.
Saudi Electricity Q1 Results Boosted by Infrastructure and Demand
Moreover, the company added 60,300 new customers in the first quarter, raising its customer base to 11.37 million. At the same time, it expanded its distribution network to 816,000 circuit km. It grew its transmission and fiber assets by 4% and 7%, respectively. This infrastructure boost supports its long-term operational resilience.
SEC Financial Performance Strengthened by Clean Energy Expansion
On the generation side, installed capacity reached 56 GW, with another 23.4 GW under development. In addition, SEC connected 6.7 GW of renewable energy to the grid, with plans to add 34.4 GW by 2027. The company also advanced battery storage projects totaling 22 GWh, including a 500 MW system launched in Bisha.
Financial Strategy Prospers with Record Sukuk Issuance and Credit Upgrade
Furthermore, the SEC raised USD 2.75 billion through dual-tranche unsecured Sukuk, featuring a USD 1.25 billion green Sukuk, achieving the tightest ever spread for a Saudi issuer. This move highlights strong international investor confidence. In March 2025, S&P upgraded the SEC’s credit rating to A+ with a stable outlook. The company also retains Moody’s Aa3 and Fitch A+ ratings.
Vision 2030 Alignment and Strategic Investment
CEO Eng. Khalid Bin Salem Al‑Ghamdi attributed this performance to large-scale project investments, operational efficiency, and alignment with Saudi Arabia’s Vision 2030 transformation agenda. “We create sustainable long-term value while supporting the Kingdom’s energy transformation,” he said. SEC also invested heavily in digital transformation, automating 37.5% of distribution stations and raising customer satisfaction to 87%.
The Saudi Standard’s View: Saudi Electricity Company earnings Reinforce Role in Energy Transition
The Saudi Standard sees the Saudi Electricity Company’s Q1 2025 results as more than a financial success—they reflect a strategically positioned utility at the heart of the Kingdom’s energy transition. With revenue up 23% and strong investor interest in conventional and green Sukuk, the SEC demonstrates that regulated infrastructure can drive sustainable financial returns.
Moreover, the company’s simultaneous investment in digital infrastructure, battery storage, and renewable energy integration shows its operational readiness for a future beyond hydrocarbons. By advancing 34.4 GW of clean energy and 22 GWh of storage, SEC is expanding its grid and reinforcing national decarbonization objectives.
What stands out is the SEC’s ability to balance short-term performance with long-term resilience. Credit upgrades from top global agencies validate this position. In our view, SEC’s Q1 performance confirms its pivotal role in delivering Vision 2030’s energy and economic diversification targets.
