Saudi Electricity Co (5110)

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News

16 June 06:53 PM TADCO, SEC ink agreement for power transmission station

Riyadh - Mubasher: Tabuk Agricultural Development Company (TADCO) has signed an agreement with the National Electricity Transmission Company, a subsidiary of the Saudi Electricity Company. Under the agreement, which is valid until 31 December 2026 …

Companies Investments

14 May 10:56 AM SEC’s profits jump 8% in Q1-25; revenues hit SAR 19.5bn

Riyadh – Mubasher: Saudi Electricity Company (SEC) recorded an annual rise of 7.91% in net profit to SAR 968 million during the first quarter (Q1) of 2025, compared to SAR 897 million. The revenues surged by 22.96% year-on-year (YoY) to SAR 19.50 …

Financial Results

1 April 09:51 PM Global firm EXP announces partnership with oil-focused Al Suwaiket

Riyadh – Mubasher: EXP, a global engineering, architecture, design and consulting firm has teamed with Al Suwaiket Group, a leader in supplying products and services to the oil and gas industry, for projects in Saudi Arabia. The EXP Al Suwaiket …

Companies Investments

1 April 03:40 PM JINGDONG Logistics expands operations in MENA

Mubasher: JINGDONG Logistics, also known as JD Logistics, has expanded its presence in the Middle East with five warehouses and beyond in parts of North Africa, according to a press release. The Chinese supply chain management company established …

Companies Investments

31 March 06:37 PM Mitsubishi Power to supply gas turbines for projects in Saudi Arabia

Riyadh – Mubasher: Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries (MHI), recently received two major supply orders for the Rumah-1 and Al-Nairyah-1 Independent Power Plant (IPP) projects in Saudi Arabia, according to a …

Companies Investments

5 March 01:55 PM SEC achieves SAR 6.8bn net profit in 2024; board proposes 7% dividends

Riyadh – Mubasher: Saudi Electricity Company (SEC) registered net profits worth SAR 6.86 billion in 2024, according to the financial results. The amount marked a 33% decrease from SAR 10.24 billion in 2023 that resulted from the recognition of …

Cash Dividends

2 February 08:26 PM SEC boosts capital structure after settling SAR 5.6bn obligations

Riyadh – Mubasher: The Saudi Electricity Company (SEC)is set to complete the necessary procedures to settle its SAR 5.68 billion obligations to the government, according to a bourse disclosure. The ministerial committee for the Restructuring of …

Companies Investments

7 January 03:30 PM PIF’s Diriyah teams with SEC to foster power infrastructure

Riyadh – Mubasher: Diriyah Company, a unit of the Saudi Public Investment Fund (PIF), has opened two major electricity substations, operated by the Saudi Electricity Company (SEC). They are expected to accelerate the growth and development of …

Companies Investments

30 December 2024 10:06 PM MedGulf enters into health insurance contract with SEC

Riyadh – Mubasher: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) has signed a contract with Saudi Electricity Company (SEC) to provide health insurance services for SEC employees and their dependents. The …

Companies Investments

15 December 2024 11:14 AM SEC obtains $3.6bn facility deal co-led by listed lenders

Riyadh – Mubasher: Saudi Electricity Company (SEC) penned a $3.60 billion (to SAR 13.50 billion) international syndicated credit facility agreement on 12 December 2024. The company will use the proceeds of the loan to finance general corporate …

Global Economy

6 November 2024 03:35 PM SEC generates over SAR 12bn net profit in 9M-24; revenue surges 19% in Q3

Riyadh – Mubasher: Saudi Electricity Company (SEC) achieved a net profit worth SAR 12.14 billion during the first nine months (9M) of 2024. The positive results signalled a 17.39% growth from SAR 10.34 billion in 9M-23, according to the financial …

Financial Results

26 September 2024 08:53 AM Elsewedy Electric announces $1bn project with SEC

Cairo – Mubasher: Elsewedy Electric Company has implemented a power generation station with a total capacity of around 1,200 megawatts (MW) using a combined cycle system in the Saudi city of Rabigh. The project includes the participation of Saudi …

Companies Investments

25 September 2024 10:00 AM SEC’s CEO resigns; Acting CEO appointed

Riyadh – Mubasher: Khalid bin Hamad Al Gnoon resigned from his position as the CEO of Saudi Electricity Company (SEC), which became effective on 25 September 2024. Khalid bin Salim Al Ghamdi was announced as the Company’s acting CEO, according to …

Corporate Actions

12 September 2024 02:09 PM MIS awarded SAR 94m project contract with SEC

Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) was awarded a project contract valued at SAR 93.72 million, on 10 September, with Saudi Electricity Company (SEC). The two entities are expected to sign the agreement on 30 September …

Companies Investments

26 August 2024 03:32 PM Three listed lenders participate in SEC’s $4bn funding

Riyadh – Mubasher: Saudi Electricity Company (SEC) obtained $4 billion (SAR 15 billion) in international syndicated revolving credit facilities on 25 August 2024, according to a bourse filing. A number of regional and international lenders …

Companies Investments

8 August 2024 01:35 PM SEC achieves higher profits at SAR 5.2bn in H1-24

Riyadh – Mubasher: Saudi Electricity Company (SEC) posted 16.56% year-on-year (YoY) higher net profits at SAR 5.24 billion in the first half (H1) of 2024, compared to SAR 4.49 billion. The group generated revenues valued at SAR 38.23 billion in …

Financial Results

22 May 2024 08:42 AM Keir International awarded 77m agreement from SEC

Riyadh – Mubasher: Keir International Company was awarded a SAR 76.93 million contract, on 21 May 2024, from Saudi Electricity Company (SEC), according to a bourse disclosure. Under the agreement, Keir International will establish a ground line …

Companies Investments

12 May 2024 00:49 PM SEC’s consolidated profit soars 87% YoY in Q1-24

Riyadh – Mubasher: The consolidated net profit of Saudi Electricity Company (SEC) leapt 86.87% year-on-year (YoY) to SAR 897 million in the first quarter (Q1) of 2024 from SAR 480 million. Revenues increased by 18.52% YoY to SAR 15.85 billion in …

Financial Results

7 May 2024 05:39 PM SEC obtains $1bn loan from SNB

Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed a $1 billion bilateral Murabaha loan agreement with the Saudi National Bank (SNB). The funding deal, which was penned on 7 May 2024, holds a five-year duration period with an option of …

Companies Investments

1 April 2024 03:50 PM EIC’s unit pens SAR 158m deal with SEC

Riyadh – Mubasher: WESCOA and Saudi Transformers Company, a subsidiary of Electrical Industries Company (EIC), penned agreements valued at SAR 158 million with Saudi Electricity Company (SEC). The subsidiary will supply electrical equipment to SEC …

Companies Investments

6 March 2024 01:58 PM SEC posts 32% YoY plunge in 2023 consolidated profit

Riyadh – Mubasher: Saudi Electricity Company (SEC) reported a 32.28% year-on-year (YoY) drop in consolidated net profit after tax to SAR 10.24 billion in 2023 from SAR 15.13 billion a year earlier. The company’s revenues grew 4.51% YoY to SAR …

Cash Dividends

27 February 2024 10:57 AM Moody's Investors Service affirms credit ratings for 4 major Saudi companies

Riyadh – Mubasher: Moody's Investors Service has affirmed the 'A1' ratings of Saudi Basic Industries Corporation (SABIC), Saudi Telecom Company (stc) and Saudi Electricity Company (SEC), and the 'Baa1' rating of Saudi Arabian Mining Company …

Ratings

24 January 2024 09:06 AM SEC unveils 2 key appointments

Riyadh – Mubasher: Saudi Electricity Company (SEC) has named Najem Abduallah Alzaid as the Chairman of the board for four years. Raed Naser Alrayes was announced as the Deputy Chairman, according to a bourse filing. The two officials assumed their …

Board of Directors

11 December 2023 04:39 PM Rawasi Albina awarded SAR 23m project for SEC

Riyadh – Mubasher: Rawasi Albina Investment Company has won a project award with Saudi Electricity Company on 11 December 2023, according to a bourse filing. The total value of the project stands at SAR 22.98 million, including the value-added tax …

Companies Investments

27 November 2023 01:14 PM Keir International wins SAR 34m deal from SEC

Riyadh – Mubasher: Keir International Company was awarded a contract worth SAR 34.13 million by Saudi Electricity Company (SEC) earlier in November 2023 to implement a project in a Riyadh-based station. The deal, which was expected to be signed on …

Companies Investments