Saudi Energy Co. · TADAWUL:5110
Saudi Energy — Saudi Electricity Company — FY2024 Earnings Presentation
23 slides from Saudi Energy's earnings presentation, Mar 6, 2025
Slide 1: Saudi Electricity Company 2024 Financial Results
Saudi Electricity Company 2024 Financial Results 06 March 2025 1 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by Saudi Electricity Company (“SEC”) solely for presentation purposes and the information included therein shall not be construed as legal, tax, investment, financial or other advice, and it has not been independently verified and no representation or warra
Slide 3: Today's Speakers
Today's Speakers Eng. Khalid bin Salem Mr. Abdulaziz Al-Muhaiza Mr. Oqab Al-Nefaie Al-Ghamdi Executive Vice President Executive Director, Control President & CEO (A) & CFO & Reporting
Slide 4: Leading the Power Sector Forward
Leading the Power Sector Forward 2024: A Year of growth, efficiency, and sustainability 1 4 The largest integrated Advancing operational electricity provider in the excellence and service MENA region¹ quality & reliability 2 5 A vital enabler of Saudi Arabia’s energy transition Strengthening our and
Slide 5: 2024, Accelerating growth with efficiency boost
2024, Accelerating growth with efficiency boost Energy Demand T&D RAB CAPEX Investment RAB CAPEX Investment Energy sold SAR 231 bn SAR 59.8 bn 324 Twh Demographics and vibrant economic activity drive demand growth + 2.8% Scale and Speed of Grid Modernization and expansion drive accelerated RAB growt
Slide 6: Securing future growth: growing diversified energy mix and progressing liquid to gas conversion
Securing future growth: growing diversified energy mix and progressing liquid to gas conversion Boosting security of Liquid-to-gas Renewables Capturing growth supply & reliability conversion tenders GENERATION + 1.85 GW + 23.4 GW 22.3 GW 4.5 GW Added/restored 11 Projects1 under 8 projects2 under SEC
Slide 7: Securing future growth: investing in electricity grid infrastructure
Securing future growth: uniquely positioned to enable KSA ambitions by heavily investing in electricity grid infrastructure and building resilience and flexibility Transmission 4.4% Network length + 4,231 C.km added Distribution 5.2% Network length + 40,195 C.km added +26 Substations +51,747 Substat
Slide 8: Transmission: Powering the Kingdom with renewable energy
Transmission: Powering the Kingdom with renewable energy Renewable Interconnection Projects* pipeline by 2027 (~41 GW) Installed and energized until end of 2024 (10) 148.5 C.km Connected 6.6 substations have been of transmission GW lines have been energized added (3-HV + 7-EHV) Interconnected & ener
Slide 9: ESG Initiatives are in action and contributing to ESG strategic objectives
ESG Initiatives are in action and contributing to ESG strategic objectives Strategic Ambitions Key Initiatives in action to achieve ambitions1 Objectives 50% Renewables 50% Renewables Smart grids & Unlocking the BESS Gas by 2030 integration digitalisation Kingdom’s transition • Net Zero Emission by
Slide 10: SEC Sustainability journey started in 2020
SEC Sustainability journey started in 2020, and culminated with a significant increase in its ESG score by 2024 3 Inaugural ESG Report and Green Sukuk 3 Year ESG Strategy Sustainability strategy Issuance, 4th refresh & Green Sukuk 2023 Materials Topics & tranche Roadmap Defined Issuance, 3rd tranche
Slide 11: Operational and Financial Performance
Operational and Financial Performance 11
Slide 12: Continued improvement in operational excellence, service quality and reliability, and sustainability
Continued improvement in operational excellence, service quality and reliability, and sustainability Security of Supply Operational Excellence & Service Reliability ESG Score & Customer Experience Generation Availability in Summer (%) SAIDI & SAIFI YoY S&P ESG Score (out of 100) YoY 112.6 83.9 92.9
Slide 13: Growing diversified and integrated portfolio
Growing diversified and integrated portfolio DISTRIBUTION NEW GROWTH GENERATION TRANSMISSION & CUSTOMER GENERATION BUSINESS SERVICE 56.4 GW1 +2% ⇡ 99.7K C.KM1 +4.4% ⇡ 805.8K C.KM1 +5.2% ⇡ 94.4K KM1 +5.8% ⇡ • Directly owned long term • Network lines • Network lines • Fiber optic lines utilized contra
Slide 14: Strong underlying financial performance, albeit a one-off impacting reported net profit
Strong underlying financial performance, albeit a one-off impacting reported net profit Driven by growing demand, accelerated growth in RAB, increased regulatory returns, growing construction revenues, higher other income, lower provisions and higher profits from equity accounted investees. REVENUE
Slide 15: Commentary
Revenue performance SAR million +17.7% Strong growth in consumption volumes 11,641 88,666 2024 324 2.8% 1,796 32 172 305 2023 315 75,330 YoY change in volume and value by segment 9.0% 8.8% 7.4% 7.7% Volume Value 4.2% 4.1% 4.2% 4.3% 3.7% 4.1% 2.8% 2.8% 2.0% 2.0% -2.9% 2023 Electricity Meter, Electric
Slide 16: Strategic investments drive T&D RAB growth
Strategic investments drive T&D RAB growth, ensuring secure and reliable energy for the future SAR Billion +10.5% +4.5% 22 231 +4.2% 9 209 8 200 192 2021 Net-add 2022 Net-add 2023 Net-add 2024 * Estimated and adjusted to exclude generation asset, which is compensated as per ECA agreements starting f
Slide 17: OpEx per Kwh: efficient & optimized operating costs management
OpEx per Kwh: efficient & optimized operating costs management further supports financial performance Halalah per Kwh -4.6% 5.19 4.95 Optimized OpEx per Kwh sold. • OpEx per Kwh (Adjusting for one-off) in 2024 declined 4.6% year on year, demonstrating continued successful efforts in optimizing and m
Slide 18: Profitability boosted by accelerating growth, increased regulatory returns, higher demand
Profitability boosted by accelerating growth, increased regulatory returns, higher demand, and operating efficiency SAR million +11.2% 13,333 319 35 552 37,739 (8,477) 33,923 (1,945) (20,621) 12,081 (4,850) (187) 18
Slide 19: Investing for the future: CapEx deep-dive
Investing for the future: CapEx deep-dive SAR billion +43.8% 59.8 48-53 +51.8% 8.0 41.6 3.6 +26.1% 29.2 27.4 19.1 1.6 21.7 7.6 1.1 6.9 20.0 15.7 17.8 11.1 2.6 2.6 1.0 2.5 2021 2022 2023 2024 2025E Generation Transmission Distribution General projects 2025 Capex Guidance 19
Slide 20: Financing Activities
A diversified funding pool with long-dated maturities SAR 136.7 billion / USD 36.5 billion1 44.5 48% of debt outstanding 8% of total debt have maturity stretching outstanding is Green past 2028 labelled 7.4% 30.0 ECA 25.8% 11.7% Bilateral Int’l synd 20.5 Dom synd 18.6 17.7 Int’l sukuk 5.5 24.7% 24.1
Slide 21: Strong financial position, resilient capital structure
Strong financial position, resilient capital structure that has been reinforced following MC1 resolution on legacy disputed amounts Strong balance sheet, capital structure further reinforced by recent MC resolution on The MC Resolution highlights the government support for the company’s strategic di
Slide 22: Closing remarks
Closing remarks Well positioned to 02 04 06 capture future growth to enable Successfully Robust financial power sector delivering on our Continued position and credit targets as per ◊ strategic objectives efficiency boost profile Maintaining a vision 2030. Accelerating diversified funding growth und
Slide 23: Thank you
Thank you Investor Relations Contact IR@se.com.sa www.se.com.sa SEC IR App QR Code 23
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