Saudi Energy secures 15.8b riyal funding

The Saudi Electricity Company signed a Murabaha financing facilities agreement worth 15.8 billion SAR with seven Saudi banks for a period of seven years, aimed at supporting its programs and projects. As for financial performance, the company recorded a 90% increase in first-quarter profits, reaching 1.83 billion SAR, driven by a 9.5% growth in revenues to 21.3 billion SAR, supported by higher demand for electricity production and an expansion of its asset base. The company had changed its name from the Saudi Electricity Company to Saudi Energy in March of this year, and its largest shareholder is the Public Investment Fund, holding a 74.3% stake.

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