Business · Companies · 2 hrs ago
Saudi Energy’s quarterly profit edges up as revenue grows 13%
Saudi Energy’s third-quarter profit rose 0.5% year on year to 5.35 billion riyals.
The Saudi company said revenue grew 13% to 35 billion riyals, supported by growth in its regulated network assets, project work and customer base.
Lower expected credit-loss provisions and higher earnings from some investments also helped, but increased operating and maintenance costs, financing costs and lower other income limited profit growth.
The company says investment has expanded its regulated asset base as it works to meet rising demand and improve the reliability of electricity service.
Battery storage capacity that has entered operation has reached 22 gigawatt-hours, meeting its 2026 target and supporting grid flexibility and renewable energy integration.
Saudi Energy plans to expand and upgrade its network to meet demand and support reliable energy supplies.
Saudi Energy’s third-quarter profit rose about 0.5% year on year to 5.35 billion riyals.
Quarterly revenue grew about 13% to 35 billion riyals.
The company said higher operating revenue, lower expected credit-loss provisions and stronger earnings from some investments supported profit growth.
Higher operating and maintenance expenses, net financing costs and lower other revenue limited the increase.
Chief Executive Khalid Al Ghamdi said the company had reached its 2026 target for operating battery storage capacity.
- Who
- Saudi Energy, formerly Saudi Electricity.
- What
- Third-quarter profit rose about 0.5% year on year to 5.35 billion riyals, while revenue grew about 13% to 35 billion riyals.
- When
- The results were announced on Tuesday, November 10, 2026.
- Where
- Not stated.
- Why
- Higher operating revenue, lower expected credit-loss provisions and stronger earnings from some investments supported profit growth. Higher costs and lower other revenue limited the increase.
This story does not have two clearly opposing sides.
The company announced that it was changing its name from Saudi Electricity to Saudi Energy and launched a new identity.
Saudi Energy signed a 15.8 billion-riyal, seven-year Sharia-compliant murabaha financing facility with seven Saudi banks.
The company recorded profit of 5.35 billion riyals and revenue of 35 billion riyals.
Saudi Energy’s quarterly results were reported.
- Third-quarter profit
- 5.35 billion riyals, up about 0.5% year on year
- Third-quarter revenue
- 35 billion riyals, up about 13%
- Battery storage capacity
- 22 gigawatt-hours in operation
- Financing facility
- 15.8 billion riyals from seven Saudi banks
- Company name change
- Saudi Electricity became Saudi Energy in March 2026
What people are saying
Our regulated asset base grew through disciplined implementation of our investment programme, and we continued to meet rising demand for electricity services, while improving the readiness of generation plants, grid reliability and operational efficiency, reflecting our ability to grow while maintaining service quality and sustainable performance.
With operating electricity battery storage system capacity reaching 22 gigawatt-hours, we achieved our 2026 target, supporting the flexibility of the electricity system and strengthening its ability to integrate renewable energy sources.