Saudi Electricity’s improved financial results boost its ability to invest, says acting CEO

Khaled bin Hamad Al-Gnoon, acting CEO of Saudi Electricity Co.

Saudi Electricity Co.’s (SEC) improved financial performance enhances its capability to inject investments to improve the reliability and efficiency of the Kingdom's electricity system, as well as enhance the power transmission grid reliability, so as to raise the generation efficiency, and enable the production of electricity from the renewable energy sources, acting Chief Executive Officer Khaled Al-Gnoon said in a statement. 

He added that this comes in line with the company's objectives of achieving the target energy mix for electricity production. Furthermore, SEC aims to enhance and automate the distribution grid.   

All of this contribute to achieving the aspired goals, which include raising the quality and reliability of the electrical service provided to the end consumer and in the meantime. It is also an important support for enabling the initiatives of environmental sustainability.

According to data compiled by Argaam, SEC turned to a net profit of SAR 14.897 billion, before deduction of Mudaraba distribution, in the first nine months of 2021, compared to a net loss of SAR 1.1094 billion in the same period last year.

After deducting dividends from the Mudaraba instrument, amounting to SAR 5.731 billion, the company achieved a net profit of SAR 9.166 billion (SAR 2.2/share) by the end of the first nine months of 2021, compared to a net loss of SAR 1.1094 billion (SAR 0.27/share) in year-ago period.