Saudi Energy revenue rises 11.5% to SR87.2 billion in first nine months of 2026
RIYADH — Saudi Energy (SE) reported an 11.5 percent year-on-year increase in revenue to SR87.2 billion during the first nine months of 2026, while net profit rose 4.3 percent to SR12.1 billion, according to the company's latest financial results. The company announced that earnings before depreciation, amortization, interest, zakat and taxes (EBITDA) increased by 6.6 percent to SR34.7 billion, supported by strategic investments, an expanding regulated asset base and growing electricity demand. In the third quarter alone, revenue climbed 12.9 percent to SR35 billion, while net profit increased 0.4 percent to SR5.4 billion. SE Chief Executive Officer Khalid Al-Ghamdi said the company continued to meet rising electricity demand while improving power plant availability, grid reliability and operational efficiency. He highlighted that operational battery energy storage capacity reached 22 gigawatt-hours, achieving the company's 2026 target and strengthening the electricity grid's ability to integrate renewable energy sources. The company's regulated asset base expanded by 16.6 percent year-on-year to SR278.8 billion as of September 30, 2026, supported by continued investments in transmission and distribution infrastructure. Adjusted capital expenditure stood at SR59.6 billion during the first nine months of the year, while SE signed financing agreements worth approximately SR64.4 billion through sukuk and various credit facilities. Operationally, peak electricity demand in the Kingdom rose 2.5 percent to 79,045 megawatts, while total generation capacity reached 56.8 gigawatts. Renewable energy capacity connected to the national grid reached approximately 19.3 gigawatts, while SE's transmission network expanded by 6 percent to 110,950 circuit kilometers. The company's customer base reached approximately 11.7 million, with 237,762 new customers connected during the first nine months of 2026, representing a 30 percent year-on-year increase. SE also reported a 16 percent improvement in its System Average Interruption Duration Index (SAIDI), which fell to 37.17 minutes per customer. In a subsequent development, the company announced an adjustment to electricity service tariffs effective January 1, 2027, stating that the change is not expected to have a material financial impact on its results under the existing regulatory framework.