Saudi Electricity’s robust results boosted by balancing account, growing clientele: CEO

Fahad Al-Sudairi, CEO of Saudi Electricity Co.

Saudi Electricity Co.’s (SEC) positive financial results for 2020 were backed by the Saudi government balancing account, in line with the electricity sector’s financial and regulatory reforms, said Chief Executive Officer (CEO) Fahad Al-Sudairi in a statement.

“SEC strong figures were also buoyed by the increasing growth in subscribers’ base,” he said.

Last year, the company demonstrated resilience as well as operating efficiency, as it continued to provide quality services while keeping up credibility with customers, despite the exceptional circumstances that accompanied the COVID-19 outbreak, Al-Sudairi noted.

Additionally, Saudi Arabia implemented sweeping reforms in the electricity sector that aimed to increase the reliability and quality of services, create an attractive environment for investment in the electricity sector and contribute to its economic development, in line with the Vision 2030 program, the CEO indicated.

These reforms would further help the company to develop smart infrastructure, including smart electricity transmission networks, implement the digitalization of distribution networks and offer digitalized services to subscribers, in line with the growing demand across the Kingdom.

SEC can also boost the efficiency of the Kingdom’s power grid and undertake the projects that contribute to the development of a diverse electricity sector by capitalizing on these reforms, the CEO noted.

The Kingdom’s utility provider reported net profit after Zakat and tax of SAR 3.026 billion in 2020, compared to a net profit of SAR 1.388 billion in 2019. In Q4 2020, the firm swung to net profit after Zakat and tax of SAR 4.135 billion, compared to a loss of SAR 591.37 million in Q4 2019, Argaam reported.

Earlier in an interview with Argaam, Al-Sudairi said the Saudi government’s balancing account aims to fulfill the financial stability of the Kingdom’s electricity industry.