Saudi Energy (formerly Saudi Power) has announced its 2025 financial results, achieving strong financial and operational performance with sustained profit growth.
Operating revenue reached SAR 102.2 billion ($27 billion) in 2025, representing a growth of 15.3% compared to SAR 88.7 billion in the previous year.
Revenue growth was primarily driven by strong growth in the grid’s regulated asset base and an increase in required revenues realized due to the growth in electricity demand, leading to increased generation revenues for SE, coupled with continued expansion in the subscriber base.
Gross profit increased by 18.9% to SAR 20.8 billion compared to SAR 17.5 billion a year ago, reflecting improved operational efficiency and a stronger revenue mix, with gross profit growth outpacing sales growth.
Operating profit increased by 62.1% to SAR 19.1 billion, benefiting from higher sales and improved profitability. It also added a comparative benefit from non-recurring costs of SAR 5.7 billion recorded in 2024 related to the lump sum settlement of historical fuel and electricity volumes and price differences.
Reflecting the above, net profit amounted to SAR 12.98 billion compared to SAR 6.87 billion in the previous year, an increase of 88.9%, partially offset by higher financing costs to finance a major capital expenditure program, higher provision for trade receivables and lower other income due to positive non-recurring items recorded in 2024.
Excluding non-recurring items in 2024, operating income and net income increased by 12.4% and 7.4%, respectively, on a normalized basis.
In addition to this, EBITDA amounted to SAR 41.5 billion, reflecting an annual growth of 10.1% year-on-year.
The company also maintained a strong financial position with a balanced capital structure supported by diverse funding sources.
Total funding secured during the year amounted to SAR 56 billion through sukuk issuance, domestic and international financing facilities and export credit agreements.
Financial and operational profiles are consistent with strong investment grade credit rating requirements comparable to Saudi sovereign ratings. In 2025, S&P upgraded the company’s rating to A+ with a stable outlook. Moody’s maintained its Aa3 rating with a stable outlook. Fitch has maintained its A+ rating and given a stable outlook.
These ratings reflect the strength of our regulated business model, our strategic importance, and our solid financial position.
Khalid Al Ghamdi, CEO of Saudi Energy, said: “2025 was a year of operational excellence and strategic progress. Our disciplined investment in integrated energy infrastructure expanded our asset base, strengthened our revenue growth and strengthened our financial position, while increasing energy system reliability to unprecedented levels despite rising demand and increasing system complexity.”
He added: “We are building more than just infrastructure. We are building a power system that will serve future generations, support Saudi Arabia’s long-term ambitions, and sustain economic growth for decades to come. During 2025, we made the largest investment in SE’s history, forming the foundation for high-quality growth in our asset base and business portfolio.” Moreover, the transition to Saudi Energy reaffirms its growing role as a key enabler of an integrated national energy system within a disciplined and supportive regulatory framework that delivers sustainable long-term value. ”
As part of the company’s strategy to expand generation capacity, strengthen the energy mix, and enhance security and reliability of supply, Saudi Energy has a total pipeline of approximately 24 GW of power generation projects under development and currently under execution.
This includes expansion of existing plants, strategic partnerships in thermal power generation and renewable projects, fuel conversion from liquid fuels to natural gas, refurbishment of legacy units, and life extension programs.
During 2025, the Saudi Energy-EDF Renewables consortium won the 600MW Samta solar power project, a power purchase agreement was signed for the expansion of the Qurayya IPP with a capacity of 3.01GW, and two energy conversion agreements were signed for plants 13 and 14, adding 3.4GW.
A further 10 generation units were refurbished, bringing the total to 45 refurbished generation units, adding 2.1 GW and achieving a record availability of 99% in summer 2025.
In parallel, the first phase of the conversion of PP10 has been completed, the conversion of Rabigh 2 has begun, and plans are underway to convert five more plants.
The company continued to expand its transmission and distribution network to support the Kingdom’s major projects and industrial growth, while strengthening the grid’s readiness to integrate growing renewable energy sources.
By the end of 2025, 12.3 GW of renewable energy will be connected to the grid.
A total of 8 GWh of battery energy storage systems have been commissioned and powered, and additional storage projects with a capacity of 14 GWh are under development.
Distribution network automation reached 40.8%, customer satisfaction increased to 86%, SAIDI increased by 7%, SAIFI increased by 15%, and new customer connection time decreased by 14%.
Peak load in 2025 increased by 3% to reach 77.1 GW.
The company’s total power generation amounted to 237.8 TWh, accounting for more than 57 percent of the Kingdom’s total power generation.
Approximately 260,000 new customers were connected, bringing the total number of customers to 11.5 million. -OGN/TradeArabia News Service
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