Saudi Electricity Company said its Q3 2024 net profit rose 18% to 6.9 billion Saudi riyals ($1.84 billion) from SAR 5.8 billion in the same period last year.

Revenue during the period rose 19% to SAR 28.3 billion from SAR 23.8 billion a year ago, driven by the higher regulated weighted average cost of capital, a growing regulated asset base, an increase in electricity production revenue and continued growth in subscriber base.

In addition, the top-line growth was supported by earnings from development projects to construct substations and transmission lines for the company’s customers.


Net profit rose 17% annually to SAR 12 billion, while revenue gained 17 percent year on year to SAR 67 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)