Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
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Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)

The Saudi Electricity Company (SEC) issued on Wednesday the financial results for 2023. The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year.

The company attributed the revenue increase to several factors, including a 5% rise in electricity demand in 2023, continued growth of subscriber base, revenue increase in the transmission system, and Dawiyat Integrated Telecom Company (fully owned by SEC) revenue growth.

Additional revenue came from developing substations and transmission lines for the company customers.

The results show a net profit of SAR10.2 billion in 2023, down from SAR15.1 billion the previous year. The company cited higher financing costs due to global interest rates and additional capital project funding, non-recurring expenses, increased operations and maintenance costs due to growing business and operating assets, and costs related to carrying out substation and transmission projects as reasons for the decrease.

The decline in net profit was partially mitigated by higher operating revenues and lower bad debt provision due to improved collection activities in 2023 compared to the previous year.

Commenting on the results, SEC CEO Eng. Khaled bin Hamad AlGnoon stated: "We strive to be strategic partners in achieving progress and prosperity in the Kingdom's electricity sector. We are investing in the present and future to achieve sustainable development and meet the needs of investors, subscribers, and the communities we serve."

AlGnoon highlighted the 2023 company achievements, including significant growth in power generation capacity, network expansion, and investments in new ventures like fiber optics and electric vehicle infrastructure.

These initiatives, he emphasized, aim to improve the quality of services and reliability, and support future growth opportunities.

He acknowledged the crucial role of the government and its ongoing support in the drive to overcome challenges and improve services for subscribers.



Egypt, Saudi Arabia Sign Agreement to Enhance Cooperation in Energy Efficiency

The deal includes the development of energy services companies and promotion of infrastructure for energy efficiency improvement projects. Photo: Egyptian petroleum ministry
The deal includes the development of energy services companies and promotion of infrastructure for energy efficiency improvement projects. Photo: Egyptian petroleum ministry
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Egypt, Saudi Arabia Sign Agreement to Enhance Cooperation in Energy Efficiency

The deal includes the development of energy services companies and promotion of infrastructure for energy efficiency improvement projects. Photo: Egyptian petroleum ministry
The deal includes the development of energy services companies and promotion of infrastructure for energy efficiency improvement projects. Photo: Egyptian petroleum ministry

Egypt and Saudi Arabia have signed an executive plan aimed at enhancing cooperation in the field of energy efficiency.

Under the executive plan, both countries will work together to establish a national energy efficiency program in Egypt, which will include drafting regulations and technical standards, capacity building, raising awareness, and fostering the development of energy service companies.

The plan was signed on Monday by two Egyptian ministries - petroleum and electricity and renewable energy - and Saudi Arabia’s ministry of energy in Cairo.

As per the partnership, Egypt and Saudi Arabia will exchange knowledge and offer technical support in energy efficiency improvement, in addition to building human cadres through training courses and workshops.
The deal includes the development of energy services companies and promotion of infrastructure for energy efficiency improvement projects along with facilitating supply and investment mechanisms in these projects.

Also Monday, Egyptian President Abdel-Fattah el-Sisi inaugurated the eighth edition of the Egypt Energy Show (EGYPES) 2025 in Cairo alongside Cypriot President Nikos Christodoulides and in the presence of Saudi Minister of Energy Prince Abdulaziz bin Salman.

The Saudi minister reaffirmed the Kingdom’s commitment to strengthening energy cooperation with Egypt during his address at EGYPES.

He highlighted several major joint energy initiatives as ways of enhancing regional energy security and sustainability.

As part of the collaboration, five new solar and wind energy projects will be launched in Egypt by Saudi companies, boasting a combined capacity of 1.696 gigawatts and an investment of about $1.65 billion.

The projects will be developed by ACWA Power, Alfanar, FAS, and MOWAH.

Additionally, ACWA Power signed a power purchase agreement with the Egyptian Electricity Transmission Company to develop a 2-gigawatt wind power project in the Red Sea's Hurghada.