Saudi Energy Co. (5110)

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News

16 November 2020 01:00 PM SEC to reclassify SAR 168bn in gov’t liabilities into subordinated perpetual instrument

Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed an agreement with the Saudi government to reclassify SEC’s net government liabilities of SAR 167.92 billion into a subordinated perpetual financial equity-like instrument with a …

Banking and Finance

16 November 2020 09:35 AM Bawan’s unit pens SAR 115m deal with SEC

Riyadh – Mubasher: A subsidiary of Bawan Company signed an agreement on 15 November to supply electrical unit substations to Saudi Electricity Company (SEC) for SAR 115 million. The deal was signed with United Technology of Electric Substations …

Companies Investments

15 November 2020 04:06 PM EIC’s units to supply electrical equipment to SEC for SAR 110m

Riyadh – Mubasher: Electrical Industries Company’s (EIC) subsidiaries, WESCOSA and the Saudi Transformers Company (STC), have inked optional supply agreements with the Saudi Electricity Company (SEC) to supply electrical equipment. The deals, …

Companies Investments

12 November 2020 03:57 PM Profits of Saudi companies fall to SAR 168bn in 9M

Riyadh – Mubasher: Profits of companies listed within Tadawul’s main index plunged by 47.38% yearly, equivalent to SAR 151.2 billion, during the first nine months of the year. Net earnings of 172 listed companies amounted to SAR 167.95 billion in …

Sector Reports

29 October 2020 10:33 AM SEC quarterly earnings down 18%

Riyadh – Mubasher: Saudi Electricity Company (SEC) reported 17.8% lower net earnings in the third quarter (Q3) of 2020 at SAR 2.2 billion, compared to SAR 2.7 billion in the year-ago period. The decrease in quarterly profits was due to higher …

Financial Results

28 October 2020 01:01 PM SEC recycles 6m litres of transformer oil in 5 years

Riyadh – Mubasher: Saudi Electricity Company (SEC) said it has recycled around six million litres of transformer oil during the period from 2012 to 2016 to reduce hazardous waste production and the loss of resources. The milestone captures SEC’s …

Companies Investments

14 October 2020 10:20 AM MedGulf to provide health insurance services to SEC

Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) has received an award letter from Saudi Electricity Company (SEC) to provide cooperative health insurance services to SEC’s employees and their families. The …

Companies Investments

4 October 2020 00:43 PM Dawiyat Integrated installs 25K fibre optic cables in some Saudi cities

Riyadh – Mubasher: Dawiyat Integrated Telecommunications and Information Technology Company, wholly-owned by Saudi Electricity Company (SEC), continues to support the digital infrastructure of Saudi Arabia’s cities and governorates in a bid to …

Macroeconomics

13 September 2020 10:23 AM SEC issues $1.3bn dual-tranche International Green Sukuk

Riyadh – Mubasher: Saudi Electricity Company (SEC) has issued $1.3 billion International Green Sukuk, split into two tranches of five and ten years, with fixed profit rates of 1.74% and 2.413%, respectively.  Each of the two tranches is valued at …

Macroeconomics

10 September 2020 02:32 PM Moody's assigns A2 rating to SEC’s green Sukuk issue; outlook negative

Riyadh – Mubasher: Moody's Investors Service has assigned an A2 rating to the proposed senior unsecured green Sukuk certificates to be issued by Saudi Electricity Global SUKUK Company 5, a special purpose vehicle (SPV) established in the Cayman …

Sukuk and Islamic Finance

10 September 2020 10:06 AM SEC starts issuing International Green Sukuk

Riyadh – Mubasher: Saudi Electricity Company (SEC) said it began issuing US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk to finance certain eligible green capital projects. The issue starts on 10 September 2020 and …

Macroeconomics

9 September 2020 10:24 AM SEC to hold calls with investors ahead of potential Sukuk issuance

Riyadh – Mubasher: Saudi Electricity Company (SEC) will begin holding calls with fixed-income investors in preparation for potential issuance of US dollar-denominated fixed-rate RegS Senior Unsecured International Green Sukuk. The issuance amount …

Management Decisions

9 September 2020 09:10 AM SEC plans dollar bond deal

Riyadh – Mubasher: State-controlled Saudi Electricity Company (SEC) intends to issue US dollar-denominated bonds soon, Reuters reported citing four sources familiar with the matter.  The potential issuance would come amid a flurry of debt sales in …

Macroeconomics

27 August 2020 10:18 AM SEC secures SAR 9bn Murabaha loan from local lenders

Riyadh – Mubasher: Saudi Electricity Company (SEC) on 26 August signed a syndicated Murabaha facility agreement for SAR 9 billion to finance the company’s general purposes, including capital expenditures. The deal was signed with the National …

Banking and Finance

26 August 2020 03:08 PM SEC implementing projects to save 60m oil barrels per year

Riyadh – Mubasher: Saudi Electricity Company (SEC) emphasised that it seeks to adopt clean energy options and carbon emission reductions in all of its projects in an effort to save the environment. The company’s environment protection vision is in …

Macroeconomics

23 August 2020 01:41 PM SEC executes SAR 597m projects in Hail

Riyadh – Mubasher: The Saudi Electricity Company (SEC) is currently implementing eight projects worth more than SAR 597 million in Hail city, according to a statement on Sunday. The projects aim at enhancing the electricity service system, while …

Utilities

20 August 2020 02:26 PM SEC approves projects worth SAR 37bn year-to-date

Riyadh – Mubasher: The Saudi Electricity Company (SEC) approved about SAR 37 billion for its projects during 2020 and further provided its services to additional 200,000 subscribers since the onset of the year, despite the coronavirus pandemic, …

Companies Investments

20 July 2020 02:48 PM Bahri Logistics delivers record mobile stations cargo for SEC

Riyadh – Mubasher: Bahri Logistics has completed the shipment of mobile stations with a voltage of 132 and 110 Kilovolts (kV) and a capacity of 67 Mega Volt Amp (MVA) for Saudi Electricity Company (SEC). With seven sets of transformers …

Companies Investments

23 June 2020 01:57 PM SEC grants 5-star rating to Waad Al Shamal for EHS standards

Riyadh - Mubasher: Saudi Electricity Company (SEC) has awarded a five-star rating to Waad Al Shamal integrated solar and combined cycle power plant project for Environment, Health, and Safety (EHS) standard. Waad Al Shamal has become one of the …

Companies Investments

3 June 2020 00:59 PM SEC, KAUST team up to reduce non-technical power losses

Riyadh – Mubasher: Saudi Electricity Company (SEC) on Wednesday announced the collaboration with King Abdullah University of Science and Technology (KAUST) via its Innovation Energy Incubator to reduce non-technical energy wastage and …

Companies Investments

3 June 2020 10:45 AM Saudi Electricity approves 2019 dividends

Riyadh – Mubasher: The extraordinary general assembly meeting of the Saudi Electricity Company (SEC) approved the board’s recommendation to distribute cash dividends of SAR 0.7 per share to shareholders for fiscal year (FY) 2019.  The total value …

Management Decisions

3 May 2020 11:34 AM Saudi Electricity posts SAR 2.4bn in Q1 losses

Riyadh – Mubasher: The Saudi Electricity Company (SEC) reported an increase in net losses during the first quarter (Q1) of 2020 by 64% to SAR 2.44 billion, compared with SAR 1.49 billion for the same period last year. The company’s interim …

Financial Results

22 April 2020 00:07 PM SEC board recommends 7% dividends for 2019

Riyadh – Mubasher: The board of directors of Saudi Electricity Company (SEC) has recommended to the company’s general assembly a payment of a cash dividend to shareholders for the fiscal year (FY) 2019 at SAR 0.7 per share. The total amount of …

Cash Dividends

21 April 2020 01:46 PM PIF approves dividend waiver for SEC shares

Riyadh – Mubasher: The Public Investment Fund (PIF) has informed Saudi Electricity Company (SEC) that the delegated ministerial committee for restructuring the electricity sector and SEC has given approval on the dividend waiver of PIF’s shares …

Cash Dividends

2 March 2020 00:30 PM Saudi National Grid inks SAR932m deals with SWCC

Riyadh – Mubasher: The National Grid SA Company, a wholly-owned subsidiary of Saudi Electricity Company (SEC), signed four agreements valued at SAR 932.4 million ($248.5 million) with Saline Water Conversion Corporation (SWCC). The agreements aim …

Companies Investments