Financial Results : Saudi Electricity earns SAR 4.91B after Mudaraba in 9M 2025; Q3 at SAR 3.05B

Saudi Electricity earns SAR 4.91B after Mudaraba in 9M 2025; Q3 at SAR 3.05B

05/11/2025 Argaam Exclusive

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Saudi Electricity Co. (SEC) reported a net profit, after deducting the payments of Mudaraba coupon, of SAR 4.9 billion in the first nine months of 2025, compared to SAR 5.6 billion in the year-earlier period.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 66,553.34 78,270.00 17.6 %
Gross Income 16,065.31 17,683.00 10.1 %
Operating Income 15,892.00 16,122.00 1.4 %
Net Income before deducting Mudaraba Instrument profit 12,139.85 11,584.00 (4.6 %)
Net Income after deducting Mudaraba Instrument profit 5,557.83 4,911.00 (11.6 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 2.91 2.78 (4.6 %)
Earnings Per Share before unusual items (Riyals) 1.22 1.18 (3.4 %)
EPS after deducting Mudaraba Instrument profit (Riyals) (Riyal) 1.33 1.18 (11.6 %)

The utility services provider’s profits, before Mudaraba coupon deductions, slipped to SAR 11.6 billion in 9M 2025, from SAR 12.1 billion last year.

 

The profit decline was due to higher operations and maintenance costs reflecting growing business and operating assets, as well as an increase in provision for electricity subscriber’s receivables.

 

The company also reported higher net financing charges reflecting increased financing to fund SEC’s expanding capital expenditure and enhancing its business growth. Other income fell due to booking of a non-recurring item from a one-off settlement with a supplier in the corresponding period of the previous year.

 

This was partially offset by an increases in required revenue recognized during the current period, due to a rise in the grid's regulated asset base, as well as an increase in electricity production revenue and continued growth in demand.

 

In Q3 2025, SEC reported a 35% fall in net profit to SAR 3.05 billion, compared to SAR 4.7 billion in Q3 2024 .



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 28,315.52 31,047.00 9.6 %
Gross Income 8,757.42 7,458.00 (14.8 %)
Operating Income 8,284.00 7,016.00 (15.3 %)
Net Income before deducting Mudaraba Instrument profit 6,898.06 5,331.91 (22.7 %)
Net Income 4,688.03 3,047.00 (35.0 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.66 1.28 (22.7 %)
Earnings Per Share before unusual items (Riyal) 1.13 0.73 (35.0 %)
EPS (Riyal) 1.13 0.73 (35.0 %)

On a quarterly basis, net profit dipped 0.4% from SAR 3.05 billion in Q2 2025.

 

Total shareholders’ equity, no minority interest – after Mudaraba coupon payments, decreased to SAR 87.28 billion as of Sept. 30, 2025, from SAR 92.72 billion a year earlier.

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