Saudi Electricity Company (5110) Q3 2024 earnings summary

Executive summary

• Q3 2024 net profit surged 18% year-over-year to SAR 6.9 billion, with 9M 2024 net profit up 17.4% to SAR 12.1 billion.

• Revenues rose 19% in Q3 2024 and 17% in 9M 2024, driven by higher demand, increased subscriber base, and new development project revenues.

• Total equity grew 1.7% to SAR 260.6 billion by September 2024.

• S&P revised SEC's credit rating outlook to positive from stable.

• Capex increased 34.2% year-over-year in 9M 2024, supporting growth and infrastructure expansion.

Financial highlights

• Q3 2024 revenues: SAR 28.3 billion (+19% YoY); 9M 2024: SAR 66.6 billion (+17% YoY).

• Q3 2024 EBITDA: SAR 13.4 billion (+8.3% YoY); 9M 2024: SAR 30.9 billion (+4.6% YoY).

• Q3 2024 net profit: SAR 6.9 billion (+18% YoY); 9M 2024: SAR 12.1 billion (+17.4% YoY).

• Basic & diluted EPS for 9M 2024: SAR 2.91 (+17.4% YoY).

• Capex for 9M 2024: SAR 39.7 billion (+34.2% YoY).

Outlook and guidance

• SEC is accelerating investments to meet rising electricity demand and support economic and demographic growth in Saudi Arabia.

• Strategic focus remains on reliable, sustainable power supply and innovation, aligned with Saudi Vision 2030.