Saudi Energy’s 9-month profit rises 4.3% to $3.2bn

RIYADH: Saudi Energy’s net profit rose 4.3 percent year on year to SR12.1 billion ($3.2 billion) in the first nine months of 2026, supported by an expanding regulated asset base and higher project-related revenue.

Revenue increased 11.5 percent to SR87.2 billion, which the company attributed to higher regulated revenue, including pass-through costs, increased income from project development and management contracts, and customer growth.

The results come as Saudi Arabia reshapes its electricity sector, targeting a generation mix of approximately 50 percent renewable energy and 50 percent natural gas by 2030, as it gradually phases out liquid fuels used in power generation.