Saudi Energy Reports Highest-Ever Operating Revenues of SAR102.2 Billion

Saudi Energy (SE) announced in a press release its financial results for the year 2025, delivering strong financial and operational performance with sustainable earnings growth. Results were driven by rising power demand, accelerated expansion and modernization of the power grid, continued digital transformation and automation, and ongoing operational excellence initiatives. The performance reflects the successful execution of the company’s strategic capital investment program, which strengthened revenues and profitability, enhanced system reliability and readiness, and reinforced Saudi Energy’s role as a key enabler of national development aligned with Saudi Vision 2030.
 Operating revenues for 2025 reached SAR102.2 billion, compared to SAR88.7 billion in the previous year, representing growth of 15.3%. Revenue growth was primarily driven by higher required revenue recognized due to strong growth in the grid's regulated asset base and coupled with stronger demand for electric power leading to increased electricity production revenue for SE, in addition to continued expansion in the subscribers’ base.
 Gross profit grew by 18.9% to SAR20.8 billion, compared to SAR17.5 billion in the previous year, reflecting improved operational efficiency and a stronger revenue mix, with gross profit growth outpacing revenue growth.
 Operating profit rose by 62.1% to SAR19.1 billion, benefiting from revenue growth and improved profitability, in addition to a comparison effect due to non-recurring expenses of SAR5.7 billion recorded in 2024 related to the one-off settlement of historical fuel and power quantities and pricing differences.
 Reflecting the above, net profit reached SAR12.98 billion, compared to SAR6.87 billion in the previous year, representing an increase of 88.9%, despite being partly offset by higher financing costs associated with increased finance raised to fund major capital expenditures programme, increased provision for trade receivables and lower other income following a non-recurring positive item recorded in 2024.
 Excluding non-recurring items in 2024, operating profit and net profit grew by 12.4% and 7.4%, respectively, on a normalized basis. EBITDA reached SAR41.5 billion, reflecting annual growth of 10.1% year on year.
 The company also maintained a strong financial position with a balanced capital structure supported by diversified funding sources. Total financing secured during the year amounted to SAR56 billion through sukuk issuances, domestic and international financing facilities, and export credit arrangements. The financial and business profile remains aligned with strong investment-grade credit rating requirements comparable to the Kingdom’s sovereign rating.
 In 2025, S&P upgraded the company’s rating to A+ with a Stable outlook; Moody’s maintained its Aa3 rating with a Stable outlook; and Fitch affirmed its A+ rating with a Stable outlook. These ratings reflect the strength of the regulated business model, the company’s strategic importance, and its solid financial position.
 Commenting on these results, CEO of Saudi Energy Eng. Khalid bin Salem Al-Ghamdi said, “2025 was a year of operational excellence and strategic progress. Disciplined execution of our investments in the integrated energy infrastructure expanded our asset base, strengthened earnings growth, and reinforced our financial position, while enhancing the reliability of the energy system to unprecedented levels despite rising demand and increasing system complexity.”
 He added: “We are building more than infrastructure – we are building a power system that will serve future generations, support the Kingdom’s long-term ambitions, and sustain economic growth for decades to come. We continue to develop high-quality CapEx pipelines aligned with a clear national vision supporting the Kingdom’s energy sector objectives. During 2025, we executed significant investments, the highest on record in the SE’s history, forming a foundation for high-quality growth in our asset base and business portfolio going forward. Furthermore, with our transition to Saudi Energy, we reaffirm our growing role as a key enabler of the integrated national energy system within a disciplined and supportive regulatory framework that delivers sustainable long-term value.”
 As part of the company’s strategy to expand generation capacity, enhance the energy mix, and strengthen supply security and reliability, Saudi Energy is developing a generation project pipeline under execution totaling approximately 24 GW. This includes expansion of existing plants, strategic partnerships in thermal and renewable projects, fuel conversion from liquid fuels to natural gas, rehabilitation of legacy units, and life extension programs.
 During 2025, the Saudi Energy–EDF Renewables consortium won the 600 MW Samtah solar project, a Power Purchase Agreement was signed for the expansion of Qurayyah IPP with a capacity of 3.01 GW, and two energy conversion agreements were signed for Plants 13 and 14, adding 3.4 GW. Additional 10 generation units were rehabilitated to bring rehabilitated generation units to 45 units, adding 2.1 GW and achieving a record 99% availability rate during Summer 2025. In parallel, Phase I of the conversion of PP10 was completed, conversion of Rabigh 2 commenced, and plans are underway to convert five additional plants.
 The company continued expanding transmission and distribution networks to support major projects and industrial growth in the Kingdom, while enhancing grid readiness to integrate growing renewable energy sources. By the end of 2025, 12.3 GW of renewable capacity had been connected to the grid. Battery energy storage systems totaling 8 GWh were commissioned and energized, and additional storage projects with capacities of 14 GWh are under development.
 Distribution network automation reached 40.8%, customer satisfaction increased to 86%, SAIDI improved by 7%, SAIFI improved by 15%, and new customer connection time was reduced by 14%. Peak load during 2025 increased by 3% to reach 77.1 GW.
 Total company generation reached 237.8 TWh, representing more than 57% of total electricity production in the Kingdom. Approximately 260,000 new customers were connected, bringing the total number of customers to 11.5 million. Distribution network length exceeded 859K c.km, reflecting growth of 6.6%, while transmission and fiber optic network lengths increased by 4.9% and 9% respectively, reaching more than 104.6 c.km of transmission lines and 104.4 km of fiber optic networks.