Saudi Electricity Co (5110)

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News

6 March 2024 11:58 AM 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 …

Financial Results

27 February 2024 08:57 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 07:06 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 …

Management Decisions

11 December 2023 02:39 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 11:14 AM 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

20 November 2023 01:46 PM Keir International awarded project contract from SEC

Riyadh – Mubasher: Keir International Company received an award letter from Saudi Electricity Company (SEC) at a value of SAR 26.43 million, according to a bourse filing. The two entities will join forces to implement a high-voltage Inter-tie …

Companies Investments

8 November 2023 11:40 AM SEC records 23% lower net profits in 9M-23

Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Electricity Company (SEC) plummeted by 22.80% year-on-year (YoY) to SAR 10.34 billion in the first nine months (9M) of 2023, versus SAR 13.39 billion. SEC recorded 2.18% higher …

Financial Results

24 October 2023 01:16 PM SEC secures $3bn financing from 4 banks; deal signed during FII7

Riyadh – Mubasher: Saudi Electricity Company(SEC) inked a USD-denominated international syndicated facility agreement at a total value of $3 billion, equivalent to SAR 11.25 billion, during the proceedings of the global economic event, the Future …

Banking and Finance

24 October 2023 01:03 PM SEC joins FII Institute’s 7th conference as strategic partner, unveils investments

Riyadh – Mubasher: Saudi Electricity Company (SEC) has revealed investment plans until 2030 in line with its participation as a strategic partner in the seventh edition of the Future Investment Initiative (FII) event being hosted in Riyadh on …

Global Economy

24 October 2023 11:29 AM Listed entities among FII7 conference’s global strategic partners

Riyadh – Mubasher: A group of 23 strategic partners are supporting the programmes and mission of the Future Investment Initiative (FII) conference in its seventh edition that launched in Riyadh on 24 October 2023, according to a press release. …

Global Economy

8 October 2023 01:23 PM SEC acquires 25% equity in PIF-owned EV infrastructure

Riyadh – Mubasher: Saudi Electricity Company(SEC) penned an agreement with the Public Investment Fund (PIF)to acquire a 25% stake in the Electric Vehicle Infrastructure Company at a value of SAR 254 million. The transaction will be funded through …

Companies Investments

2 October 2023 09:48 AM Alkhaleej Training pens SAR 149.5m deal with SEC

Riyadh – Mubasher: Alkhaleej Training and Education Company inked a SAR 149.41 million contract with Saudi Electricity Company (SEC) on 1 October 2023. Under the agreement, Alkhaleej Training will operate call centres for the subscriber services …

Companies Investments

9 August 2023 09:39 AM SEC logs SAR 4.49bn profits in H1-23

Riyadh – Mubasher: Saudi Electricity Company(SEC) recorded an annual drop of 35.94% in net profit after Zakat and tax to SAR 4.49 billion during the first half (H1) of 2023, compared to SAR 7.02 billion. Revenues went up by 0.50% year-on-year …

Financial Results

17 July 2023 02:32 PM Keir International pens SAR 166m deals with SEC

Riyadh – Mubasher: Keir International Company inked two agreements with Saudi Electricity Company (SEC) at a combined value of SAR 165.94 million, according to bourse discourses. The first deal covers the extension of high-voltage underground …

Companies Investments

10 May 2023 08:13 AM SEC’s profits hit SAR 480m in Q1-23; dividends approved

Riyadh – Mubasher: Saudi Electricity Company(SEC) registered SAR 480 million in net profit after Zakat and tax during the first quarter (Q1) of 2023, an annual drop of 68.36% from SAR 1.51 billion. Revenues stood at SAR 13.37 billion in Q1-23, …

Financial Results

15 March 2023 05:51 PM SEC records SAR 15bn net profits in 2022; board proposes SAR 2.91bn dividends

Riyadh – Mubasher: Saudi Electricity Company (SEC) achieved an annual increase of 5.17% in net profit after Zakat and tax to SAR 15.13 billion during 2022, compared to SAR 14.39 billion. The earnings per share rose to SAR 1.79 in 2022 from SAR …

Financial Results

10 November 2022 10:22 AM SEC’s profits down 10% in 9M-22 interim financials

Riyadh – Mubasher: Saudi Electricity Company (SEC) posted a 10.08% decline in net profit after Zakat and tax to SAR 13.39 billion during the first nine months (9M) of 2022, versus SAR 14.89 billion in 9M-21. The Saudi firm generated revenues worth …

Financial Results

10 October 2022 01:41 PM Tadweer partners with SEC for recycling project

Riyadh – Mubasher: National Environmental Recycling Company (Tadweer) announced the award of a contract with Saudi Electricity Company (SEC) at a value worth SAR 20.49 million. The project, which was awarded on 5 October 2022, covers the recycling …

Companies Investments

24 August 2022 02:02 PM SEC posts lower profits at SAR 7bn in H1-22 initial financials

Riyadh – Mubasher: Saudi Electricity Company (SEC) has generated net profits after Zakat and tax worth SAR 7.02 billion in the first half (H1) of 2022, lower by 6.61% than SAR 7.51 billion in H1-21. Revenues went up by 3.14% year-on-year (YoY) to …

Financial Results

11 August 2022 08:54 AM SEC secures $567.5m loan for electricity interconnection project with Egypt

Riyadh – Mubasher: Saudi Electricity Company (SEC) penned a facility agreement with Standard Chartered Bank and Sumitomo Mitsui Banking Corporation for $567.50 million. The 14-year loan will be used to partially finance the Saudi - Egypt …

International Agreements

26 June 2022 05:15 PM Tadawul to launch Single Stock Futures in July; 10 listed firms chosen

Riyadh – Mubasher: The Saudi Exchange (Tadawul) will launch Single Stock Futures (SSFs) contracts on 4 July this year to enable the expansion of its Derivatives Market and products. The first tranche of the SSFs will be based on 10 listed …

Trading Activities

20 June 2022 02:57 PM SEC names Algnoon as new CEO

Riyadh – Mubasher: Saudi Electricity Company (SEC) has appointed Khalid Hamad Algnoon as the new CEO of the company. Algnoon officially assumed his position on 20 June this year, according to a recent bourse filing. Moreover, the new CEO holds a …

Board of Directors

18 May 2022 04:21 PM SEC’s profits slide 10% in Q1-22 initial results; dividends announced

Riyadh – Mubasher: Saudi Electricity Company (SEC) has achieved net profits after Zakat and tax worth SAR 1.51 billion in the January-March 2022 period, an annual decline of 10.18% from SAR 1.68 billion. The company’s revenues grew by 1.37% to SAR …

General Assembly

25 April 2022 03:26 PM SEC plans redemption of SAR 5.73bn Sukuk

Riyadh – Mubasher: Saudi Electricity Company (SEC) intends to fully redeem its local Islamic Sukuk at a value of SAR 5.73 billion on 10 May this year. A total of 573,069 Sukuk notes, which had been issued on 10 May 2010, will be redeemed at a par …

Sukuk and Islamic Finance

5 April 2022 04:37 PM SEC completes redemption of $1.25bn Sukuk

Riyadh – Mubasher: Saudi Electricity Company (SEC) has fully redeemed $1.25 billion worth of the second tranche of its international Islamic Sukuk which had been issued on 3 April 2012. Listed on London Stock Exchange (LSE), a total of 6,250 Sukuk …

Sukuk and Islamic Finance