Saudi Electricity Company
{{Short description|Saudi Arabian electricity company}}
{{Infobox company
| name = الشركة السعودية للكهرباء
| logo = Saudi Electricity Company Logo.svg
| type = Public
| traded_as = Tadawul: [https://www.tadawul.com.sa/wps/portal/tadawul/market-participants/issuers/issuers-directory/company-details/!ut/p/z1/04_Sj9CPykssy0xPLMnMz0vMAfIjo8zi_Tx8nD0MLIy83V1DjA0czVx8nYP8PI0MDAz0I4EKzBEKDEJDLYEKjJ0DA11MjQzcTfXDCSkoyE7zBAC-SKhH/?companySymbol=5110 5110]
| foundation = {{Start date and age|df=yes|2000|5|3}}
| location_city = Al Aridh, Riyadh
| location_country = The kingdom of Saudi Arabia
| key_people = {{plainlist |
- Najem Abduallah Alzaid (Chairman){{cite web|url=https://www.marketscreener.com/quote/stock/SAUDI-ELECTRICITY-COMPANY-6498101/news/Saudi-Electricity-Company-Unveils-Two-Executive-Appointments-45819849/|title=Saudi Electricity Company Unveils Two Executive Appointments|website=Market Screener|date=January 24, 2024|access-date=March 15, 2024|publisher=Superperformance SAS|location=Paris}}
- Khalid Bin Hamad Al-Ghonon (CEO)
}}
| industry = Electric utility
| revenue = {{nowrap|{{increase}} $SAR 75.33 billion (2024){{cite news|title=Saudi Electricity Company Reports 18% Revenue Growth, Reaching 88.7 Billion SAR in 2024, with Record-High Capital Investments of 60 Billion SAR|url=https://www.se.com.sa/en/News/CorporateNews/CorporateNews31|work=se.com}}}}
| operating_income = {{nowrap|{{increase}} $SAR 18 billion (2023)}}
| net_income = {{nowrap|{{increase}} $SAR 10.25 billion (2023){{citation |title=Annual Report 2023 |url=https://www.se.com.sa/Investors/Reports-and-Presentations/Annual-Reports/ |publisher=Saudi Electricity Company}}}}
| assets = {{nowrap|{{increase}} $SAR 500.8 billion (2023)}}
| equity = {{nowrap|{{increase}} $SAR 256.3 billion (2023)}}
| subsid = {{plainlist|
- National Grid SA Company
}}
| homepage = {{url|https://www.se.com.sa/en}}
}}
{{Update|section|date=June 2019}}
Saudi Electricity Company ({{langx|ar|الشركة السعودية للكهرباء}}; SEC) is the Saudi electric energy company. It enjoys a near monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country.{{cite news |title=Saudi Electricity to be divided into four separate companies |url=http://www.solargcc.com/saudi-electricity-to-be-divided-into-four-separate-companies/ |publisher=Solar GCC Alliance |date=2014-03-25 |access-date=2015-08-30}} In 2019, SEC was ranked by Forbes as the 5th largest company in the Kingdom, and the 578th worldwide, with total annual sales of $17.1 billion .{{Cite web|url=https://www.forbes.com/companies/saudi-electricity/|title=Saudi Electricity|website=Forbes|language=en|access-date=2020-01-28}}
History
The company was formed in 2000 by Order of the Council of Ministers through a merger of existing regional electricity companies in the Central, Eastern, Western and Southern regions into a single joint stock company.{{cite web |title=Saudi Electricity Company Successfully Rolls out SAP Plant Maintenance Solution |url=http://www.tcs.com/SiteCollectionDocuments/Case%20Studies/Saudi-Electricity-Company-SAP-Plant-Maintenance-Solution-0913-1.pdf |publisher=Tata Consultancy Services |year=2013 |access-date=2015-08-30}}{{cite news |title=Merger of electric companies — is it time to evaluate? |url=http://www.arabnews.com/merger-electric-companies-%E2%80%94-it-time-evaluate |date=2012-08-01 |first=Salman |last=Al-Jeshi |newspaper=Arab News |access-date=2015-08-30}}
In 2009, the Electricity and Co-generation Regulatory Authority (ECRA) announced its intention to split the company into four generation companies and separate transmission and distribution companies to encourage competition in the domestic utilities sector.{{cite news |title=Saudi plans to split up state electric company |url=https://www.reuters.com/article/saudi-electric-idUSLU53699420090330 |publisher=Reuters |date=2009-03-30 |access-date=2015-08-30}} A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.{{cite news |title=Electricity regulator chief calls for hike in power tariff |url=http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20141125225535 |newspaper=Saudi Gazette |date=2014-11-25 |last=Hoey |first=Joshua |access-date=2015-08-30}}{{cite news |title=Saudi Electricity Company goes digital with its Engineering Drawings and establishes kingdom-wide EDMS |url=https://www.bentley.com/en/project-profiles/saudi-electricity-company_establishment-of-kingdom-wide-edms-at-sec |publisher=Bentley Systems |date=2012-11-01 |access-date=2017-09-17}}
In 2014, ECRA was said to have hired advisors on the break-up of the company.{{cite news |title=Saudi Arabia Said to Hire HSBC for Breakup of SEC Power Monopoly |url=https://www.bloomberg.com/news/articles/2014-05-07/saudi-arabia-said-to-hire-hsbc-for-breakup-of-sec-power-monopoly |newspaper=Bloomberg Business |date=2014-05-07 |first1=Dinesh |last1=Nair |first2=Matthew |last2=Martin |access-date=2015-08-30}} ECRA also confirmed the new generation companies will be open to foreign investment.
The company is 81.24 percent owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%).
File:Saudi Electric company, Al Khobar, Kingdom of Saudi Arabia - panoramio.jpg]]
In 2015, SEC, Taqnia Energy and King Abdulaziz City for Science and Technology (KACST) agreed to collaborate to build and operate the first standalone solar power station in the country.{{cite news |date=2022-09-15 |title=Saudi Electricity Company's net profit falls on higher costs |newspaper=Zawya |url=https://www.zawya.com/en/markets/equities/saudi-electricity-companys-net-profit-falls-on-higher-costs-ezwm6yg6 |access-date=2022-09-15}}
For the first six months of 2022, net profit fell 6.6% to SAR7 million, while total comprehensive income slipped 0.14% to SAR7.7 million.{{Cite web |author=Staff Writer |last2=ZAWYA |title=Saudi Electricity Company's net profit falls on higher costs |url=https://www.zawya.com/en/markets/equities/saudi-electricity-companys-net-profit-falls-on-higher-costs-ezwm6yg6 |access-date=2022-09-15 |website=www.zawya.com |language=en}}
See also
References
{{reflist|2}}
External links
{{commons category}}
{{Portal|Saudi Arabia|Energy|Companies}}
- {{Official website |https://www.se.com.sa/en-us/}}—{{in lang|en}}
- {{Official website |https://www.se.com.sa/ar-sa/}}—{{in lang|ar}}
- Paper that an employee at SEC authored in 2017 on the effects of jointly reforming industrial fuel and residential electricity prices in Saudi Arabia.{{Cite journal|date=2017|title=Jointly reforming the prices of industrial fuels and residential electricity in Saudi Arabia|journal=Energy Policy|language=en|volume=109|pages=747–756|doi=10.1016/j.enpol.2017.07.060|last1=Matar|first1=Walid|last2=Anwer|first2=Murad|doi-access=free}}
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Category:Electric power companies of Saudi Arabia
Category:Government-owned companies of Saudi Arabia
Category:Energy companies established in 2000
Category:Non-renewable resource companies established in 2000
Category:Companies listed on Tadawul
Category:Government-owned energy companies
Category:Companies based in Riyadh