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
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Morocco plans second high-speed rail phase to Agadir26 October 2026
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Riyadh tenders King Salman Stadium works26 October 2026
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Aramco selects contractors for five offshore tenders23 October 2026
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Contractors complete Riyadh airport Terminal 6 work23 October 2026
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Morocco plans second high-speed rail phase to Agadir26 October 2026
Morocco has outlined a second rail investment cycle for 2030-35, which includes beginning construction of a high-speed rail extension from Marrakech to Agadir and connecting Essaouira to the national rail network.
The pipeline forms part of the government’s 2026-31 programme, presented to parliament last week.
The Marrakech-Agadir link is estimated to cost close to MD55bn ($5.5bn) and will cover a 240-kilometre (km) route through the High Atlas Mountains via Chichaoua. Civil engineering structures, including tunnels and viaducts, are expected to account for nearly 70% of the alignment.
In September, the government issued a decree declaring the Marrakech-Agadir and Chichaoua-Essaouira rail corridors to be of public utility, paving the way for land acquisition and expropriation procedures.
Under the long-term masterplan Plan Rail Maroc 2040, Essaouira is expected to connect to the network via a separate line branching off at Chichaoua, designed for operating speeds of up to 200km an hour. The mainline to Agadir is designed for speeds of up to 320km/h.
The 2030-35 cycle also includes rehabilitating the Casablanca-Khouribga-Oued Zem line; constructing a new line between Oued Zem and Beni Mellal via Bejaad, with a branch to Fquih Ben Salah; doubling and upgrading the 140km Benguerir-Safi line; expanding capacity on the Fez-Oujda corridor; and building new-generation passenger stations.
The plans follow Morocco’s ongoing MD134bn ($13.4bn) 2024-30 rail investment programme, which focuses on completing the Kenitra-Marrakech high-speed line ahead of the 2030 Fifa World Cup.
The programme also includes developing regional express network services across five regions, electrifying the Fez-Oujda line and completing a freight rail link to the Nador West Med port.
Work on the Kenitra-Marrakech line had reached about 30% by May 2026, with commercial services targeted to begin in September 2029.
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Riyadh tenders King Salman Stadium works26 October 2026

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Saudi Arabia’s Sports Ministry has tendered a contract covering early works at King Salman International Stadium in Riyadh.
The scope includes enabling works, site preparation and initial construction activities.
The tender was issued on 11 October, with a submission deadline of 19 November.
The stadium will cover about 660,000 square metres (sq m) and seat 92,000. Facilities will include a 150-seat royal suite, 120 hospitality suites, 300 VIP seats and 2,200 dignitary seats.
The wider development will include sports facilities covering more than 360,000 sq m, including two training fields and fan zones; a closed sports hall; an Olympic-sized swimming pool; an athletics track; and outdoor courts for volleyball, basketball and padel.
The stadium is set to host the final of the 2034 Fifa World Cup and will serve as the Saudi national football team’s main base.
US-based architectural firm Populous is the lead architect for the stadium.
Construction of the stadium is expected to be completed by 2029.
The stadium will be located next to King Abdulaziz Park.
Firms submitted prequalification statements for the main design-and-build contract in February.
Saudi stadium plans
In August 2024, MEED reported that Saudi Arabia planned to build 11 new stadiums and refurbish four facilities for the 2034 Fifa World Cup.
Eight stadiums will be located in Riyadh, four in Jeddah and one each in Al-Khobar, Abha and Neom.
A further 10 cities will host training bases: Al-Baha, Jazan, Taif, Medina, Alula, Umluj, Tabuk, Hail, Al-Ahsa and Buraidah.
There are expected to be 134 training sites in the kingdom, including 61 existing facilities and 73 new venues.
Saudi Arabia was officially selected to host the 2034 Fifa World Cup during an online convention of Fifa member associations at the Fifa Congress on 11 December 2024.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20919233/main.jpg -
Aramco selects contractors for five offshore tenders23 October 2026

Saudi Aramco has selected contractors for five offshore tenders covering the engineering, procurement, construction and installation (EPCI) of structures at the Abu Safah, Berri, Manifa, Marjan, Safaniya and Zuluf offshore oil and gas fields in Saudi Arabia.
The tenders are numbers 167, 168, 169, 170 and 171 on Aramco’s Contract Release and Purchase Order (CRPO) system, and are estimated to be worth up to $2bn combined.
Abu Dhabi government-owned NMDC Energy has won CRPOs 167, 169 and 171, while Italian contractor Saipem has secured CRPOs 168 and 170, according to sources.
NMDC Energy confirmed its contract awards from Aramco in a disclosure to the Abu Dhabi Securities Exchange on 23 October, saying the three contracts are valued at AED2.8bn ($763.3m).
Work on the contracts is expected to be completed in 18-23 months, NMDC Energy said in its filing, without providing further details.
Saipem has yet to confirm its contract awards from Aramco.
The basic scope of EPCI work on the tenders is as follows:
- CRPO 167 – eight jackets at the Marjan field development
- CRPO 168 – four production deck modules (PDMs) at the Abu Safah, Berri, Manifa and Safaniya fields
- CRPO 169 – three PDMs at the Marjan field development
- CRPO 170 – three PDMs at the Marjan field development
- CRPO 171 – three PDMs at the Zuluf field development
Aramco issued the five CRPOs to contractors in its Long-Term Agreement (LTA) pool of offshore service providers in December last year, setting an initial bid submission deadline of 3 February.
The Saudi energy giant has since extended the bid submission deadline several times – to 31 March, 1 June, 1 July and then 30 July – to allow LTA contractors sufficient time to prepare proposals.
At the request of some bidders, Aramco granted a final two-day extension, with LTA contractors submitting their proposals for the five CRPOs on 1 August, MEED previously reported.
Aramco had previously indicated its intention to award contracts for CRPOs 167-171 by October, and the contract awards affirm it has adhered to this schedule.
Aramco’s LTA pool of offshore service providers comprises the following entities:
- Saipem (Italy)
- McDermott International (US)
- Larsen & Toubro Energy Hydrocarbon (LTEH, India) / Subsea7 (UK)
- NMDC Energy (UAE)
- Lamprell (UAE/Saudi Arabia)
- China Offshore Oil Engineering Company (China)
- Dynamic Industries (US)
- Sapura Energy (Malaysia)
- TechnipFMC (France) / MMHE (Malaysia)
- Hyundai Heavy Industries (South Korea)
In April 2025, Aramco renewed its LTAs with the following contractors, whose contracts had either lapsed or were close to expiry:
- Saipem
- McDermott International
- Larsen & Toubro Energy Hydrocarbon / Subsea7
- NMDC Energy
- Lamprell
- China Offshore Oil Engineering Company
ALSO READ: Aramco upstream spending gathers pace
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20869888/main3523.jpeg -
Contractors complete Riyadh airport Terminal 6 work23 October 2026

Three contractor teams have completed the early contractor involvement (ECI) phase for Terminal 6 at King Salman International airport (KSIA) in Riyadh, moving the scheme towards a main construction tender and contract award.
The participating consortiums are:
- UCC Holding / Consolidated Contractors Company (Qatar/Greece)
- Modern Building Leaders / Powerchina / Metallurgical Corporation of China (loca/China/China)
- Al-Gihaz Holding / TAV Construction / Webuild (local/Turkiye/Italy)
King Salman International Airport Development Company (KSIADC), a subsidiary of Saudi sovereign wealth vehicle the Public Investment Fund, is delivering the terminal package on an ECI basis.
Under the completed phase, the shortlisted teams submitted detailed construction methodologies and technical design proposals.
Terminal 6 is planned to boost the airport’s annual capacity by 40 million passengers. KSIADC aims to complete the terminal ahead of Expo 2030 Riyadh.
In May last year, MEED reported that US-based Bechtel had been appointed as delivery partner for the passenger terminals at KSIA.
KSIADC's acting CEO Marco Mejia previously confirmed that the airport’s masterplan has been completed. UK-based Foster + Partners designed the masterplan, including the terminals, six parallel runways and a multi-asset real estate district.
US-based engineering firm Jacobs is providing specialist consultancy services for the masterplan and runway design, while UK-headquartered Mace is acting as delivery partner for the broader development. Local firm Nera secured the airspace design consultancy contract.
The KSIA project covers about 57 square kilometres (sq km) and incorporates the existing terminals at King Khalid International airport. The scheme will feature 12 sq km of airport support facilities, residential and recreational zones, retail assets and logistics parks.
The development is targeted to handle up to 120 million passengers a year by 2030 and 185 million passengers by 2050, in addition to an annual cargo throughput of 3.5 million tonnes by 2050.
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20860938/main.jpg -
Aramco seeks to build sulphur-handling facilities at Ras Al-Khair22 October 2026

Saudi Aramco is engaging developers for a planned project to build sulphur-handling facilities at Ras Al-Khair port on Saudi Arabia’s eastern coast.
Under the build-own-operate-transfer (BOOT) contract, the selected developer would be required to build facilities at Ras Al-Khair port capable of receiving, handling, forming and exporting up to 9,500 metric tonnes a day (t/d) of molten sulphur.
Additionally, the appointed contractor would be responsible for engineering, procurement and construction, as well as operations and maintenance.
According to sources, the Saudi energy giant floated the tender for the Ras Al-Khair sulphur-handling facilities project last year. Companies bidding for the BOOT contract have until 30 December to submit proposals, with the previous bid-submission deadline being on 19 September.
The following developers, among others, are understood to be bidding for the Ras Al-Khair sulphur-handling facilities project:
- Jereh Group (China)
- Lamar Holding (Saudi Arabia)
- Vision Invest (Bahrain/Saudi Arabia)
Separately, Aramco has appointed Germany-headquartered Fichtner as the consultant on the project.
The broad scope of work on the project includes development, design, financing, construction, commissioning, testing, ownership, insurance, operations and maintenance of:
- an onshore sulphur handling and processing station, comprising rail and truck sulphur unloading, molten sulphur storage and sulphur forming facilities;
- a sulphur exporting station / berth facilities located at berth number 19 at Ras Al-Khair port, comprising formed sulphur storage and a ship loader, with a rail spur system to connect to the Saudi Arabia Railway line to deliver the molten sulphur to the onshore facility, and a sulphur conveyor system to transfer the formed sulphur from the onshore facility to the berth facility;
- starting from the commercial operation date, the sale of the dependable capacity to Aramco and, to the extent dispatched by Aramco, the formed sulphur output of the plant; and
- the transfer of the shares in the project company, or alternatively the dismantling and removal of, or transfer of, the plant to Aramco.
The allocated area for the plant is 1.605 million square metres (sq m), which includes 1.5 million sq m allocated to the onshore facility and 105,000 sq m allocated to the berth facility. The project operator is required to accommodate adequate space for any potential capacity expansion.
The land for the onshore sulphur station facility is under the jurisdiction of the Royal Commission for Jubail & Yanbu, while the berth plot is under the administration and management control of the Saudi Port Authority (Mawani).
ALSO READ: Lamprell signs Ras al-Khair fabrication deal for Saudi offshore job
READ THE OCTOBER 2026 MEED BUSINESS REVIEW – click here to view PDFIndustry and logistics drive development at Neom; Saudi Arabia’s investment priorities realign amid conflict; MEED’s 2026 power developer ranking.
Distributed to senior decision-makers in the region and around the world, the October 2026 edition of MEED Business Review includes:
> AGENDA: Oxagon takes centre stage at Neom> MARKET FOCUS: Saudi projects hold steady> INDUSTRY REPORT: MEED’s 2026 GCC power developer ranking> LEADERSHIP: The future city does not need to hang above the groundTo see previous issues of MEED Business Review, please click herehttps://image.digitalinsightresearch.in/uploads/NewsArticle/20842631/main3523.jpg