Saudi Electricity CEO says 2021 will be transformational year due to implementation of reforms

Fahad Al-Sudairi, CEO of Saudi Electricity Co.

Fahad Al-Sudairi, CEO of Saudi Electricity Co. (SEC), said 2021 will be a transformational year for the company due to implementing a comprehensive package of structural, financial and organizational reforms.

These reforms will enhance the company's financial and operational sustainability, enabling it to provide the service with high efficiency and reliability.

In a statement on Q1 2021 financial results, the CEO said the higher profit was driven by the cancellation of the government fee, receiving the balancing account amount and lower financing costs, in addition to the continued growth in the subscriber base and higher electric power volume sold compared to the same period year quarter.

Al-Sudairi further referred to the consumption seasonality in the Kingdom, reflecting on the company's varying quarterly revenue level throughout the year.

During the first quarter of 2021, the company completed the replacement and installation of over 10 million electricity smart meters across the Kingdom. SEC's total investments in the project exceeded SAR 9.5 billion, of which 40% were directed to local content.

The Kingdom's utility provider reported a net profit after tax and Zakat of SAR 1.689 billion in Q1 2021, against a net loss of SAR 2.441 billion in the year-ago period.