Saudi Electricity Company profit falls by 33%
21 March 2025
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The net profit of state utility Saudi Electricity Company (SEC) has decreased by 33% to SR6.9bn ($1.8bn) in its fiscal year ending 31 December 2024.
The company attributed the decline to higher operating costs, the final settlement of dues worth SR5.7bn to Saudi Aramco, and higher finance costs.
SEC settled long-standing disputed amounts with the government related to historical discrepancies in fuel quantities, pricing, handling costs and electricity tariffs in February.
Excluding non-recurring items in comparative periods yielded a normalised net profit of SR12.1bn, however, up 8.9% over the 2023 figure.
The firm's revenues increased 17.7% from SR75.3bn in 2023 to SR88.7bn last year.
Factors contributing to the rise in revenue include a change in regulatory weighted average cost of capital and a growing regulated asset base.
Increased demand for electric power, subscriber base growth and new revenue from development projects such as the construction of substations and transmission lines for its clients, also contributed to higher revenue in 2024.
Adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) rose 11.2%, from SR33.9bn in 2023 to SR37.7bn in 2024, SEC said in its annual financial highlights.
The firm's cash flows from operating activities for 2024 increased to SR8.3bn due to positive working capital movements.
Capital expenditures also surged 44% in 2024 to an all-time high of SR60bn, as the firm invested in power infrastructure expansion, smart grid enhancements, generation efficiency improvements and service reliability upgrades.
SEC said that several credit ratings agencies have upgraded its ratings in 2024. Moody’s raised its A1 with a stable outlook rating of SEC to Aa3 with a stable outlook. Fitch Ratings upgraded SEC’s rating from A with a stable outlook to A+ with a stable outlook.
As a result, the company’s credit ratings are now aligned with Saudi Arabia's sovereign ratings.
Financing growth
In 2024, SEC completed several financing deals, with a total value of SR57.2bn, to support ongoing investment in future growth. These comprised sukuk (Islamic bond) issuances, including taps, worth SR10.9bn, and US dollar syndication and term loans worth SR46.3bn.
SEC also redeemed $3.5bn-worth of sukuk, including $4.5bn in local sukuk and $800m in international sukuk in January 2024 and $1.5bn in international sukuk in April 2024.
MEED’s April 2025 report on Saudi Arabia includes:
> UPSTREAM: Saudi oil and gas spending to surpass 2024 level
> DOWNSTREAM: Aramco’s recalibrated chemical goals reflect realism
> POWER: Saudi power sector enters busiest year
> WATER: Saudi water contracts set another annual record
> CONSTRUCTION: Reprioritisation underpins Saudi construction
> TRANSPORT: Riyadh pushes ahead with infrastructure development
> BANKING: Saudi banks work to keep pace with credit expansion
Exclusive from Meed
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Eni completes $1bn Libya gas project20 October 2026
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Diriyah Company tenders East Wadi bridge20 October 2026
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Kuwait selects firms for power works at housing projects20 October 2026
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Taqa moves forward with Mirfa-Liwa scheme20 October 2026
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Eni completes $1bn Libya gas project20 October 2026
Register for MEED’s 14-day trial access
Libya’s Mellitah Oil & Gas Company, a joint venture of Libya’s National Oil Corporation (NOC) and Italian oil and gas company Eni, has achieved mechanical completion on its Bouri gas utilisation project (GUP).
In a statement, Eni said that start-up procedures are currently under way, enabling the recovery of associated gas produced from the Bouri field, which is located in Libya’s western offshore area.
The main contract for the project, worth $1bn, was awarded to Italy’s Saipem in August 2023.
The project involved the construction and installation of the new Bouri gas recovery module and related tie-in infrastructure that enables the recovery and treatment of gas that was previously flared.
In its statement, Eni said that the project “represents one of the most significant emissions reduction initiatives in Libya’s energy sector”.
It also said that it would contribute to improving the environmental performance of the country’s production system by reducing greenhouse gas emissions by approximately 1.5 million tonnes of carbon dioxide a year.
The recovered gas will be supplied to the domestic market, adding about 700 million cubic metres a year and helping meet demand from the power generation sector.
The project will also support additional gas volumes available for export to Europe through the GreenStream pipeline.
Eni said: “The start-up of the Bouri GUP confirms the joint commitment of Eni and NOC to the development of Libya’s energy sector through initiatives that combine production growth, operational efficiency and environmental stewardship.
“The project is part of a broader strategy aimed at enhancing the value of the country’s gas resources while reducing the emissions intensity of upstream activities.”
Other key projects currently under way in Libya include the A&E Structures Project, which is focused on bringing new offshore gas resources onstream for both the domestic market and exports, as well as initiatives aimed at upgrading and optimising gas production and transportation infrastructures.
Eni has been present in Libya since 1959, and the company’s equity production in the country in 2025 amounted to approximately 162,000 barrels of oil equivalent a day.
The Bouri offshore field is part of Libya’s Block NC-41, located 120 kilometres north of the Libyan coast in the Mediterranean Sea.
It was first discovered in 1976 at a depth of 8,700 feet. It is estimated to contain 4.5 billion barrels in proven recoverable crude oil reserves and 3.5 trillion cubic feet of associated natural gas, with an annual production potential of 6 billion cubic metres.
The first development phase, costing nearly $2bn, was completed in 1990.
This was immediately followed by a second development phase, which entailed drilling 55 new wells and constructing three additional platforms. Production began from the oil platforms DP4 and DP3 in August 1998.
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Diriyah Company tenders East Wadi bridge20 October 2026

Saudi Arabia’s Diriyah Company has invited contractors to bid on the construction of the DG II East Wadi Bridge, a key crossing within Riyadh’s Diriyah master development.
The bridge will provide an arterial road connection linking the Diriyah Gate Phase 2 (DG II) Infrastructure Package 1 and Package 2 zones.
The project scope involves the construction of a 100-metre clear-span, 44-metre-wide, single-span post-tensioned concrete bridge structure with integrated abutments and four architectural towers.
The contract also encompasses approach slabs, access roads, pavements, associated earthworks, architectural finishes and cladding, mechanical, electrical and plumbing installations, utility interfaces, bridge parapets, vehicle restraint systems, waterproofing, testing and commissioning, and associated temporary works.
The client will supply the detailed engineering design, and the selected contractor will develop the construction methodology.
Diriyah Company issued the prequalification tender on 14 September, with submissions due by 10 December.
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Kuwait selects firms for power works at housing projects20 October 2026

Kuwait’s Public Authority for Housing Welfare (PAHW) has appointed contractors for works covering the supply and installation of 132kV underground cables at South Sabah Al-Ahmad Residential City.
The contracts relate to engineering, procurement and construction (EPC) packages for works for 28 main 132/11kV substations across four phases.
According to sources, Egypt’s Elsewedy Cables has won contracts for phases 1 and 3, while China’s TBEA Shandong Luneng Taishan Cable Company has won contracts for phases 2 and 4 of the development.
In April, MEED reported that PAHW had received at least five bids for each of the first two packages, with Elsewedy and TBEA offering $44m and $40.5m, respectively.
The first contract (phase 1) covers seven substations in zones N9, N7 and N5. The second contract (phase 2) covers seven substations in zones N10 and N5.
PAHW issued two further 132kV underground cable tenders for the South Sabah Al-Ahmad residential development at the end of May, as reported by MEED.
This included a contract (phase 3) covering the supply, extension and maintenance of 132kV underground cables linked to seven substations serving the N5, N6, N8 and N10 districts. Egytech Cables, a subsidiary of Elsewedy, submitted an offer of $39.95m, the lowest of four bids.
The other contract (phase 4) covers the supply, extension and maintenance of 132kV underground cables feeding eight main transformer substations serving the N1, N6 and N11 districts.
MEED reported in July that TBEA had submitted an offer of $44.06m for the contract.
South Saad Al-Abdullah
Separately, PAHW has appointed contractors for power transmission works at the South Saad Al-Abdullah residential development.
The local firm Sayed Hamid Behbehani & Sons has won a contract to supply, install and maintain 10 main 132/11kV transformer substations for the development’s third phase.
Another local firm, Al-Ahleia Switchgear, has won a contract to supply, install and maintain 10 main 132/11kV transformer substations for the project’s fourth phase.
As reported in August, the contractors submitted bids of $104.2m and $103.3m, respectively.
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Taqa moves forward with Mirfa-Liwa scheme20 October 2026

Taqa Transmission and Taqa Distribution are advancing a major water transmission and distribution scheme serving Mirfa, Madinat Zayed and Liwa in Abu Dhabi, sources told MEED.
The project, originally estimated to cost $775m, has been in procurement for several years. According to sources, a request for proposals has been issued, with bids due on 5 January 2027.
The initial submission deadline was 11 November, before it was extended.
The project was previously tendered in December 2024, with contractors submitting bids for transmission and distribution packages in January 2025. As of August, the bids were still under evaluation. It is unclear whether the latest tender represents a revised procurement process for the same scheme.
The project comprises a water transmission system from Mirfa, alongside distribution networks serving farms and settlements in the western region.
According to details seen by MEED, the latest scope includes a pumping station at Mirfa with a capacity of 128 million imperial gallons a day, about 125 kilometres of transmission pipelines to Muzairah, with branches to Madinat Zayed and Liwa Summit, and storage tanks at the three locations.
The distribution network is divided into four geographic clusters covering Liwa East, Liwa West, Madinat Zayed and Seih Al-Kheir. The works include associated pipelines, pumping stations and storage facilities.
The earlier procurement was structured as an engineering, procurement and construction scheme, divided between transmission and distribution works.
As MEED understands, the latest tender is being pursued under a design, build and operate model, which extends the contractor’s responsibilities to operating the infrastructure after construction.
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Contractors prepare prices for Adnoc Onshore field facilities project20 October 2026

Contractors are preparing commercial bids for Adnoc Onshore’s project to build on-plot and off-plot facilities at the Rumaitha and Shanayel fields in Abu Dhabi’s North East Bab oil field cluster.
The project will enhance and sustain crude output at Rumaitha and Shanayel at 45,000 barrels a day (b/d), supporting Adnoc’s Accelerated Integrated Programme 5 (AiP5) drive to lift capacity to 5 million b/d by 2027.
Adnoc Onshore issued the main tender for engineering, procurement and construction (EPC) works on 19 June. Contractors submitted technical bids by 5 August, sources told MEED.
The on-plot works include adding a crude processing train, produced water treatment and reinjection systems, surface water pumps, and multi-stage gas compression and dehydration units. Works also include utilities, safety and control systems, modifications to existing Phase 1 units and 220kV power infrastructure.
The off-plot scope includes installing and tying in new gas-lifted producer and water-injection wells, as well as building and expanding wellhead clusters. Contractors will also lay crude-gathering, water-injection and gas-export pipelines connecting to the Adnoc Gas network and extend 33kV overhead power lines across the fields.
The tender follows Adnoc Onshore’s shift in strategy for the wider North East Bab development – comprising the Al-Nouf, Rumaitha and Shanayel fields – after scrapping an earlier engineering, procurement and construction management (EPCm) approach. MEED reported in December that the operator had cancelled an off-plot EPCm contract awarded to China Petroleum Engineering & Construction Corporation (CPECC) in October 2024. Adnoc later cancelled a separate on-plot EPCm tender that it received bids for in the second quarter of 2025.
In addition to the North East cluster, Adnoc Onshore continues to make progress on EPC works for another similar project to build off-plot facilities at the South East cluster of oil fields in Abu Dhabi, which is also integral to Adnoc Group’s AiP5 campaign.
The South East cluster comprises the Asab, Mender, Qusahwira, Sahil and Shah fields and accounts for approximately a third of Adnoc Onshore’s oil production capacity.
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