By: OrePulse

Saudi Energy Company reported a 4.3 percent rise in net profit for the first nine months of 2026, to SAR12.1 billion (about $3 billion), as revenue grew 11.5 percent to SAR87.2 billion (about $23 billion), the kingdom's main power utility said in its latest financial results. The company also said its grid-scale battery storage capacity rose to 22 gigawatt-hours from 18 gigawatt-hours, meeting the target it had set for 2026.

For the third quarter alone, Saudi Energy Company reported revenue of SAR35 billion, up 12.9 percent from a year earlier, while net profit rose 0.4 percent to SAR5.4 billion and EBITDA increased 4 percent to SAR13.3 billion.

Earnings before interest, taxes, depreciation and amortization for the nine-month period rose 6.6 percent to SAR34.7 billion, the company said. Gross profit increased 6.8 percent to SAR18.9 billion, and operating profit rose 4.7 percent to SAR16.9 billion. Capital expenditure for the period totaled SAR59.6 billion.

The company's regulated asset base reached SAR278.8 billion as of September 30, up 16.6 percent from a year earlier. Saudi Energy Company said peak electricity demand reached 79,045 megawatts during the period, against total generation capacity of about 56.8 gigawatts. Grid-connected renewable capacity reached about 19.3 gigawatts, and the utility's customer base grew to about 11.7 million.

Chief Executive Officer Khalid bin Salem AlGhamdi said the company "delivered solid results in the first nine months of 2026, supported by the growth of our regulated asset base through the disciplined execution of our investment program." He said the utility had continued "to meet growing electricity demand while improving generation availability, network reliability and operational efficiency," while maintaining service quality and sustainable performance.

On the battery storage expansion, AlGhamdi said, "With 22 gigawatt-hours of battery storage now energized, we achieved our 2026 target, supporting a more flexible grid and greater renewable integration."

Saudi Energy Company said it secured about SAR64.4 billion in financing during the nine-month period through sukuk issuances, bilateral and syndicated facilities, and export-credit-agency-backed financing. These included a SAR15.8 billion Shariah-compliant Murabaha syndicated facility arranged in July and a financing framework of up to $3 billion agreed with Bpifrance Assurance Export in August.

The company's credit ratings were reaffirmed during the period at A+ by Fitch Ratings, A+ by S&P Global Ratings, and Aa3 by Moody's, each with a stable outlook, it said.

Saudi Energy Company also said an adjustment to electricity tariffs is scheduled to take effect on January 1, 2027, which it said is not expected to have a material impact on its financial position.

AlGhamdi said the company's priorities going forward are to "invest with discipline, execute efficiently and deliver reliable service," adding that it would expand its network "to serve growing demand while modernizing our energy infrastructure for a balanced energy mix and reliable power supply."