Latest news with #SaudiElectricity
Zawya
5 days ago
- Business
- Zawya
Saudi Electricity Company seeks $1bln loan to support expansion: Report
Saudi Electricity Company (SEC) is seeking a $1 billion loan to fund its expansion across Saudi Arabia, according to a Bloomberg report. The facility will carry a five-year tenor, with Sumitomo Mitsui Banking Corp. acting as the sole mandated lead arranger and bookrunner, the report said, quoting people aware of the matter. The funds will be used for general corporate purposes, the report said. Capital expenditure of SEC, which is listed on the Saudi stock exchange, hit an all-time high of SAR 60 billion in 2024, up 44 percent from the previous year. SEC has commissioned the country's first battery energy storage system (BESS) in Bisha, with a capacity of 500 MW, and advanced the development of five additional storage projects totaling 2,500 MW. (Editing by Anoop Menon) (
Zawya
05-06-2025
- Business
- Zawya
Saudi Electricity Company boosts Haj grid capacity by 75%
The Saudi Electricity Company (SEC) has significantly increased the electrical grid capacity in the holy sites for this Hajj season by over 75% compared to last year, investing more than SAR3 billion in development projects. This enhancement, guided by government directives and Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, stems from a thorough review of past Hajj seasons and anticipated needs, reported SPA. SEC stated that projects were implemented early, ensuring full load connectivity for network reliability. The operations and management center in the holy sites is now equipped with advanced, AI-supported technical applications for comprehensive system monitoring, with equipment connected via fiber optics for rapid information flow and timely decision-making by trained national cadres, said the report. SEC has also developed a robust emergency plan, deploying over 2,200 engineers, technicians, and specialists across 57 strategically located centers to ensure a response time of under five minutes anywhere in the holy sites, it added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
04-06-2025
- Business
- Trade Arabia
Saudi Electricity Company boosts Hajj grid capacity by 75%
The Saudi Electricity Company (SEC) has significantly increased the electrical grid capacity in the holy sites for this Hajj season by over 75% compared to last year, investing more than SAR3 billion in development projects. This enhancement, guided by government directives and Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, stems from a thorough review of past Hajj seasons and anticipated needs, reported SPA. SEC stated that projects were implemented early, ensuring full load connectivity for network reliability. The operations and management center in the holy sites is now equipped with advanced, AI-supported technical applications for comprehensive system monitoring, with equipment connected via fiber optics for rapid information flow and timely decision-making by trained national cadres, said the report. SEC has also developed a robust emergency plan, deploying over 2,200 engineers, technicians, and specialists across 57 strategically located centers to ensure a response time of under five minutes anywhere in the holy sites, it added.
Zawya
14-05-2025
- Business
- Zawya
Saudi: SEC's profits jump 8% in Q1-25; revenues hit $5.2bln
Riyadh – 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 billion in Q1-25 from SAR 15.85 billion, according to the financial results. Loss per share declined to SAR 0.29 as of 31 March 2025 from SAR 0.31 a year earlier. Quarterly, the company turned profitable in Q1-25 against net losses of SAR 5.27 billion in Q4-24, while the revenues fell by 11.81% from SAR 22.11 billion. In 2024, SEC posted 33% YoY lower net profits at SAR 6.86 billion, compared to SAR 10.24 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks inch lower as surplus oil worries weigh
Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index was down 0.19%. Saudi Telecom and Saudi Electricity Company were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company. The refiner is on track to log its third straight session of gains. Dubai's main share index was flat, trading down 0.09% as a 2.5% gain in Mashreqbank was offset by a 2.7% fall in Amlak Finance. Abu Dhabi's benchmark index was unchanged while Qatar's benchmark stock index was down 0.01%.
