Saudi Electricity Company (5110) Q4 2024 earnings summary

Executive summary

• Achieved record revenue growth in 2024, with SAR 88.7 billion revenue, improved efficiency, and a focus on sustainability.

• Largest integrated electricity provider in MENA, enabling Saudi Arabia's energy transition.

• Navigated sector transformation, advancing operational excellence and service reliability.

• Strengthened financial position and reinforced capital structure after resolving legacy liabilities.

• S&P ESG score improved 43% since 2020, reaching 50 in 2024.

Financial highlights

• Revenue rose 17.7% year-over-year to SAR 88.7 billion, driven by higher demand and increased RAB.

• Adjusted EBITDA up 11.2% to SAR 37.7 billion; adjusted net profit up 8.9% to SAR 12.1 billion.

• Reported net profit declined 33% year-over-year to SAR 6.9 billion due to non-recurring items.

• Record CAPEX of SAR 59.8 billion, up 44% year-over-year, supporting future growth.

• Dividend maintained at SAR 2.9 billion (0.70 SAR per share).

Outlook and guidance

• 2025 CAPEX guidance set at SAR 48–53 billion, continuing high investment pace.

• SEC targets 160,000 km of transmission lines and 1,110,000 km of distribution lines by 2030.

• Plans to integrate 34.4 GW of renewables by 2027 and install 9 new HVDC lines by 2030.

• Well positioned to capture future growth and enable power sector targets under Vision 2030.

• Focus on digital transformation, operational efficiency, and customer experience enhancement.