Financial Results : Saudi Electricity earns SAR 1.86B after Mudaraba in H1 2025, SAR 3.06B in Q2

Saudi Electricity earns SAR 1.86B after Mudaraba in H1 2025, SAR 3.06B in Q2

10/08/2025 Argaam Exclusive

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Saudi Electricity Co. (SEC) reported a net profit rise to SAR 1.86 billion, after deducting Mudaraba payments in the first half of 2025, from SAR 870 million in H1 2024.

 

Before Mudaraba payments, the utility’s net profits grew to SAR 6.3 billion in the six-month period, from SAR 5.2 billion a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 38,237.83 47,222.37 23.5 %
Gross Income 7,307.88 10,224.69 39.9 %
Operating Income 6,771.42 8,837.31 30.5 %
Net Income before deducting Mudaraba Instrument profit 5,241.79 6,252.09 19.3 %
Net Income after deducting Mudaraba Instrument profit 869.79 1,864.00 114.3 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.26 1.50 19.2 %
Earnings Per Share before unusual items (Riyals) 0.10 0.45 369.8 %
EPS after deducting Mudaraba Instrument profit (Riyals) (Riyal) 0.21 0.45 114.3 %

SEC reported higher revenues for the first six months of this year.

 

On the other hand, operating and maintenance expenses rose due to business growth and increased operating assets.

 

Moreover, net financing charges widened for the six-month period as SEC obtained new facilities to fund expanding capital expenditures and enhance its business growth.

 

It also recorded a decrease in other income after incurring a non-recurring item from a one-off settlement with a supplier in H1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 22,379.34 27,721.99 23.9 %
Gross Income 5,167.43 7,350.69 42.3 %
Operating Income 5,022.70 6,589.13 31.2 %
Net Income before deducting Mudaraba Instrument profit 4,344.61 5,284.11 21.6 %
Net Income 2,158.61 3,058.00 41.7 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.04 1.27 21.8 %
Earnings Per Share before unusual items (Riyal) 0.40 0.73 81.4 %
EPS (Riyal) 0.52 0.73 41.7 %

In Q2 2025, SEC’s net earnings jumped 41.7% to SAR 3.06 billion, from SAR 2.15 billion in Q2 2024.

 

On a sequential basis, SEC turned profitable from a net loss of SAR 1.19 billion in Q1 2025.

 

Total shareholders’ equity, no minority interest – after Mudaraba coupon payments, increased to SAR 259.98 billion as of June 30, 2025, from SAR 254.74 billion a year earlier.

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