Saudi Electricity Company
Saudi Arabian electricity company From Wikipedia, the free encyclopedia
Saudi Electricity Company (Arabic: 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.[4] 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 .[5]
 | |
| Company type | Public |
|---|---|
| Tadawul: 5110 | |
| ISIN | SA0007879550 |
| Industry | Electric utility |
| Founded | 3 May 2000 |
| Headquarters | Al Aridh, Riyadh , The kingdom of Saudi Arabia |
Key people |
|
| Revenue | $SAR 75.33 billion (2024)[2] |
| $SAR 18 billion (2023)[3] | |
| $SAR 10.25 billion (2023)[3] | |
| Total assets | $SAR 500.8 billion (2023)[3] |
| Total equity | $SAR 256.3 billion (2023)[3] |
| Subsidiaries |
|
| Website | www |
 | This section needs to be updated. (June 2019) |
History
Summarize
Perspective
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.[6][7]
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.[8] A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA.[9][10]
In 2014, ECRA was said to have hired advisors on the break-up of the company.[11] ECRA also confirmed the new generation companies will be open to foreign investment.[9]
The company is 81.24 percent owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%).[4]
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.[12]
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.[13]
See also
References
External links
Wikiwand - on
Seamless Wikipedia browsing. On steroids.