Saudi Energy Profit increased by 4.3% during the first nine months of 2026, reaching SR12.1 billion ($3.2 billion). The company credited stronger regulated revenue, project-related income and customer growth for the improvement.
Total revenue climbed 11.5% to SR87.2 billion over the same period. According to the company, higher regulated revenue, including pass-through costs, supported the increase. Additionally, income from project development and management contracts contributed to stronger financial performance.
The results come as Saudi Arabia continues transforming its electricity sector. The Kingdom aims to generate approximately half its electricity from renewable sources by 2030. Natural gas should provide the remaining half as authorities gradually reduce liquid fuel use.
Saudi Energy Chief Executive Khalid Al-Ghamdi highlighted progress in energy storage. He said the company had energised 22 gigawatt-hours of battery storage. Consequently, it achieved its 2026 target while supporting grid flexibility and renewable energy integration.
Meanwhile, the company’s regulated asset base reached SR278.8 billion by September’s end. This represented a 16.6% increase compared with the same period last year. Completed transmission and distribution projects entering service helped expand the asset base.
The third-quarter results also showed continued financial growth. Net profit edged up 0.4% year on year to SR5.4 billion. Revenue increased more strongly, rising 12.9% to SR35 billion.
Several factors supported the quarterly performance. Higher gross profit, reduced expected credit-loss provisions and stronger earnings from equity-accounted investments contributed positively. However, lower other income and increased administrative expenses limited some of those gains. Higher net financing costs also affected the final result.
Across the first nine months, operating profit reached SR16.9 billion. This represented a 4.7% increase compared with the corresponding period last year. Earnings before interest, taxes, depreciation and amortisation also grew 6.6%, reaching SR34.7 billion.
The company continued investing heavily in electricity infrastructure during the period. Adjusted capital expenditure totalled SR59.6 billion, excluding specified accruals and customer-funded projects. Spending supported transmission expansion, battery storage, generation facilities and distribution networks.
Electricity demand also reached a new peak during the reporting period. The Kingdom recorded a maximum load of 79,045 megawatts. This figure stood 2.5% above the peak recorded during 2025.
At the same time, renewable energy capacity continued expanding across the country. Grid-connected renewable capacity reached approximately 19.3 gigawatts by September’s end. This development supports Saudi Arabia’s longer-term plans to diversify electricity generation.
The wider sector also advanced its battery storage programme. Saudi Power Procurement Company signed agreements in August covering four major storage projects. Their combined investment exceeds SR4.35 billion, with total power capacity reaching 2,000 megawatts.
Each project will provide four hours of electricity storage. Three projects involve a consortium comprising Saudi Energy, ACWA and Al Sharif Contracting and Commercial Development Company. An ENGIE-led consortium secured the remaining project.
These facilities aim to improve electricity supply reliability and accommodate more renewable generation. Battery storage can help balance supply and demand when renewable output fluctuates. Therefore, the projects form an important part of the Kingdom’s energy transition.
Customer growth also contributed to the company’s expanding operations. Saudi Energy connected 237,762 new customers during the first nine months. Consequently, its total customer base reached approximately 11.7 million.
Electricity sales increased by 1% to 276.9 terawatt-hours. This growth came alongside rising peak demand and continued infrastructure investment. Together, these figures highlight the scale of the company’s electricity network.
The financial results also precede electricity tariff adjustments scheduled for January 1. However, Saudi Energy expects no material financial impact from the changes. The company said its regulated asset base and required-revenue framework remain unchanged.
Overall, Saudi Energy Profit growth reflects higher revenue and an expanding infrastructure base. Meanwhile, investment in storage and renewable integration supports the Kingdom’s electricity transformation. The company continues balancing rising demand with longer-term generation and network development.
