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Company type | Public |
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Tadawul: 5110 | |
ISIN | SA0007879550
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Industry | Electric utility |
Founded | 3 May 2000 |
Headquarters | Al Aridh,
Riyadh , Saudi Arabia |
Key people |
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Revenue | ![]() |
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Total assets | ![]() |
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Subsidiaries |
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Website |
www |
![]() | This section needs to be updated.(June 2019) |
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. [3] 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 . [4]
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. [5] [6]
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. [7] A transmission company – National Grid SA – was established in 2012 to operate the National Grid SA. [8] [9]
In 2014, ECRA was said to have hired advisors on the break-up of the company. [10] ECRA also confirmed the new generation companies will be open to foreign investment. [8]
The company is 81.24 percent owned by the government, both directly (74.31%) and through Saudi Aramco (6.93%). [3]
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. [11]
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. [12]