Saudi Energy Reports H1 2026 Results with 10.5% Revenue Growth and Net Profit of SAR 6.7 billion, Recording an Increase of 7.5%

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Saudi Energy Company (“SE” or “Company”), announced its financial results for the first six months ended 30 June 2026 (H1 2026), reporting a 10.5% year on year (YoY) growth in revenue to SAR 52.2 billion, EBITDA rose by 8.2% to SAR 21.5 billion, and net profit increased by 7.5% to SAR 6.7 billion. The performance was supported by strategic investments and sustained operational excellence enabling the Kingdom’s energy transition and meeting the growing demand.  

Khalid Al-Ghamdi, CEO of Saudi Energy, said:
“Our H1 2026 performance reflects the resilience of Saudi Energy’s regulated business model and the disciplined execution of our strategy. During the period, we continued to strengthen the national electricity system, enhance operational reliability and expand the infrastructure required to meet growing demand and support the Kingdom’s economic transformation.”

He added: “The continued double-digit growth in our regulated asset base is enhancing earnings visibility and strengthening the foundation for long term, infrastructure-led growth. Concurrently, our investments in grid capacity, battery energy storage and renewable integration are creating a more flexible and resilient energy system. These attributes reinforce Saudi Energy’s position as a high-quality regulated national utility champion.”

“We remain focused on disciplined investment and operational excellence as we build an integrated and smart energy ecosystem that supports Saudi Vision 2030 and delivers sustainable long-term value.”
 
Financial Highlights

Saudi Energy delivered continued financial growth during the first half of 2026, supported by the expansion of its regulated asset base, higher required revenue and continued growth in the customer base. Operating revenue increased by 10.5% year on year to SAR 52.2 billion, while EBITDA rose by 8.2% to SAR 21.5 billion and net profit increased by 7.5% to SAR 6.7 billion.

Gross profit increased by 8.5% to SAR 11.1 billion, while operating profit grew by 7.6% to SAR 9.8 billion. The increase reflected higher operating revenue, partly offset by higher O&M and G&A expenses associated with SE’s expanding asset base and continued investment in service reliability.

In Q2 2026, revenue increased by 11.3% year on year, while EBITDA rose by approximately 3.0% to SAR 12.5 billion. Quarterly net profit was SAR 4.9 billion, mainly reflecting higher finance costs alongside increased operating and maintenance expenses related to the expansion of the operating asset base and continued investment in service reliability.

Capital expenditure increased by 2.7% to SAR 38.7 billion in H1 2026, on a normalized basis excluding accruals and customer-funded transmission and distribution projects, compared with SAR 36.5  billion in H1 2025. Investment remained focused on transmission and distribution network expansion, battery energy storage systems, and generation infrastructure, while supporting the continued integration of renewable energy into the national grid.

As result of SE’s strategic investments, the Regulated Asset Base (RAB) increased by SAR 15.9 billion during H1 2026 as completed capital projects were commissioned and transferred into RAB.  As of 30 June 2026, T&D grid RAB reached SAR 271.8 billion, increasing by SAR 33.6 billion, or 14.1%, year on year. This reflects the continued effective conversion of SE’s investment program into operational regulated assets that support required revenue and future earnings growth.

SE also maintained access to diversified domestic and international funding sources. During H1 2026, the Company raised approximately SAR 47.9 billion through sukuk issuances and bilateral, syndicated and export credit agency backed facilities. On 28 July 2026, SE announced a further SAR 15.8 billion seven-year Murabaha facility, supporting liquidity and extending its debt maturity profile.

In July 2026, Fitch reaffirmed SE’s A+ rating with a Stable Outlook. SE also continues to hold ratings of A+ (Stable) from S&P and Aa3 (Stable) from Moody’s, based on their latest assessments. These high credit ratings demonstrate SE’s strong financial and strategic position in the Saudi energy sector.
 
H1 2026 Operational and Strategic Updates

Saudi Energy continued to expand and modernize the Kingdom’s electricity system during H1 2026, strengthening generation readiness, grid capacity and flexibility to support economic growth and the evolving energy mix.

Notably, during the Hajj season, Saudi Energy successfully met record electricity loads without recording any incidents or service interruptions. This performance was supported by 100% network automation in Makkah and Madinah, demonstrating the Company’s operational readiness and ability to maintain reliable electricity supply during periods of exceptional demand.

Total generation capacity reached 56.9 GW, increasing by 604 MW year on year, while plant availability improved by 1.0 percentage point to 87.1%. Electricity generated by SE rose by 2.6% to 109.2 TWh. The Company also continued to progress its generation development programme, including gas-fired capacity, renewable projects and the conversion of existing plants from liquid fuels to natural gas.

Grid-connected renewable capacity reached 17.8 GW by the end of H1 2026. Energized battery energy storage capacity increased from 8 GWh to 18 GWh during Q2 2026, following the commissioning of five projects that added 10 GWh.
The transmission network expanded by 4% year on year to 108,141 circuit kilometres, while transmission substation capacity increased by 9% to 559,831 MVA. During H1 2026, SE energized 49 transmission substations and 131 transmission transformers.

The distribution network grew by 5% to 868,946 circuit kilometres, supporting customer growth and rising electricity requirements across the Kingdom. The customer base reached approximately 11.6 million, with more than 47,100 new customers added during Q2 2026. Energy sold remained resilient at 160.7 TWh, with moderate growth across most customer categories.