By: AGBI

Saudi Electricity Company, 75 percent owned by the sovereign Public Investment Fund, said net profit surged in the second quarter and the first half of 2025, supported by higher revenue from power generation and rising demand.

The net earnings for the first six months rose 19 percent year on year to SAR6.3 billion, the state-backed utility provider said in a statement to the Saudi stock exchange.

Revenues jumped 23 percent annually to SAR47.2 billion, driven by a growing subscriber base, increased demand for electricity and customer contracts for the construction of substations and transmission lines.

However, the company faced higher operating and maintenance costs amid growing business and assets.

The second-quarter profit rose 22 percent to SAR5.3 billion compared with SAR4.3 billion a year ago. Earnings rose quarter-on-quarter by 446 percent.

The top line grew 24 percent year on year to SAR27.7 billion in the April to June period.

The company’s share price closed 0.7 percent at SAR14.88 on Sunday and is up 17 percent since the start of the year.

In March the company’s board recommended paying SAR 2.91 billion as a cash dividend, at 7 percent of capital, for 2024.