Saudi Energy Reports Highest-Ever Operating Revenues Of SAR 102.2 Billion In 2025

Saudi Energy (SE) reports higher profits and revenues for 2025, supported by strong demand for electricity, continued investment in grid infrastructure, and progress in digital and automation projects. The company highlights sustainable earnings growth, better efficiency, and a stronger role in supporting Saudi Vision 2030 and national development across the Kingdom’s energy sector.

Operating revenues in 2025 reach SAR102.2 billion, up from SAR88.7 billion in 2024, equal to 15.3% growth. Net profit almost doubles to SAR12.98 billion from SAR6.87 billion, an 88.9% increase, even with higher financing costs and larger provisions for trade receivables during the year.

Revenue expansion is mainly linked to higher required revenue recognised as the regulated asset base grows and to stronger electricity demand that lifts production revenue. An expanding subscriber base also contributes. These trends, together with tighter operational discipline, support better profitability and confirm the impact of the company’s capital investment programme.

Key profit indicators improve across the board. Gross profit rises 18.9% to SAR20.8 billion from SAR17.5 billion, showing efficiency gains and a more favourable revenue mix. Operating profit reaches SAR19.1 billion, up 62.1%, helped by growth in revenue and the absence of SAR5.7 billion non-recurring expenses booked in 2024.

EBITDA for 2025 stands at SAR41.5 billion, reflecting 10.1% year-on-year growth. After stripping out non-recurring items recorded in 2024, operating profit increases 12.4% and net profit rises 7.4% on a normalised basis. These results highlight an improving core business performance alongside one-off comparison effects from the previous year.

Saudi Energy continues to fund a large capital programme while keeping what it describes as a balanced capital structure. Total financing during 2025 reaches SAR56 billion, using sukuk issues, domestic and international facilities, and export credit arrangements. Management states that the company’s credit profile remains aligned with strong investment-grade benchmarks similar to the Kingdom’s sovereign rating.

Credit rating agencies maintain positive views on Saudi Energy’s financial position and regulated business model. In 2025, S&P upgrades the rating to A+ with a Stable outlook. Moody’s keeps its Aa3 rating with a Stable outlook, while Fitch affirms its A+ rating, also with a Stable outlook, reflecting strategic importance and regulated cash flows.

Chief Executive Officer Eng. Khalid bin Salem Al-Ghamdi links the performance to disciplined execution of investments in integrated energy infrastructure. Eng. Khalid emphasises that these investments expand the asset base, strengthen earnings, and improve reliability, while also deepening Saudi Energy’s contribution to the integrated national energy system under the regulatory framework.

Eng. Khalid bin Salem Al-Ghamdi said, "2025 was a year of operational excellence and strategic progress. Disciplined execution of our investments in the integrated energy infrastructure expanded our asset base, strengthened earnings growth, and reinforced our financial position, while enhancing the reliability of the energy system to unprecedented levels despite rising demand and increasing system complexity."

He added: "We are building more than infrastructure – we are building a power system that will serve future generations, support the Kingdom’s long-term ambitions, and sustain economic growth for decades to come. We continue to develop high-quality CapEx pipelines aligned with a clear national vision supporting the Kingdom’s energy sector objectives. During 2025, we executed significant investments, the highest on record in the SE’s history, forming a foundation for high-quality growth in our asset base and business portfolio going forward. Furthermore, with our transition to Saudi Energy, we reaffirm our growing role as a key enabler of the integrated national energy system within a disciplined and supportive regulatory framework that delivers sustainable long-term value."

Saudi Energy financial results 2025 and operational projects

As part of its strategy, Saudi Energy continues expanding generation capacity, diversifying the energy mix, and reinforcing supply security. The company is implementing a generation project pipeline of around 24 GW. This includes expanding existing plants, entering partnerships in thermal and renewable schemes, converting liquid fuels to natural gas, and extending the life of older units.

During 2025, the Saudi Energy–EDF Renewables consortium secures the 600 MW Samtah solar project. A Power Purchase Agreement is signed to expand Qurayyah IPP by 3.01 GW. Two energy conversion agreements for Plants 13 and 14 add 3.4 GW. Ten more generation units are rehabilitated, bringing the total rehabilitated units to 45, adding 2.1 GW and supporting a 99% availability rate in Summer 2025.

Several major conversion projects also progress. Phase I of the PP10 conversion is completed, conversion activities at Rabigh 2 start, and planning advances for conversion of five further plants. These steps are designed to improve fuel efficiency, reduce use of liquid fuels, and support integration with the evolving national fuel mix.

Grid and network investments continue in parallel. Saudi Energy expands transmission and distribution systems to support large projects and industrial growth in the Kingdom, while improving readiness to integrate new renewable capacity. By the end of 2025, 12.3 GW of renewable capacity is connected to the grid, underlining the role of regulated infrastructure in energy transition plans.

Battery energy storage systems with 8 GWh capacity are commissioned and energised during the year. Additional storage schemes providing 14 GWh are under development. The company reports automation of 40.8% of the distribution network, customer satisfaction at 86%, a 7% improvement in SAIDI, a 15% improvement in SAIFI, and a 14% reduction in time needed for new customer connections.

Demand and system scale continue to rise. Peak load in 2025 increases 3% to 77.1 GW. Total company generation reaches 237.8 TWh, accounting for more than 57% of all electricity produced in the Kingdom. Around 260,000 new customers are connected, lifting the total customer base to 11.5 million across Saudi Arabia.

The physical network also grows. Distribution network length exceeds 859,000 c.km, an increase of 6.6%. Transmission line length rises 4.9% to more than 104.6 c.km, while the fibre optic network grows 9% to 104.4 km. These expansions support digital transformation, automation, and integration of more renewable capacity into the national grid.

Overall, Saudi Energy’s 2025 financial results, credit ratings, and network indicators show a company increasing investment while maintaining profitability and access to finance. The reported upgrades in capacity, reliability, and customer service support the objectives of Saudi Vision 2030 and underline SE’s continuing role in Saudi Arabia’s integrated energy system.

With inputs from SPA