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Saudi Electricity Company (SEC) expects capital expenditure of between 30 and 35 billion Saudi riyals ($7.99- $9.32 billion) in 2023 to support its growing fleet, the company said in its 2022 financial results presentation.
The company’s capex stood at SAR 21.71 billion and SAR 27.38 billion during 2021 and 2022, respectively.
The number of customers is forecasted to reach 11.3 million in 2023, compared to 10.9 million in 2022.
The Saudi-listed utility provider expects its distribution network to reach 839,000 kilometres (km) in 2023 from 771,000 km in the previous year, and transmission network to reach 103,000 km from 93,000 km for the same period.
SEC's power generation capacity rose 0.6 percent year-on-year (YOY) to 83,539 megawatts (MW) in 2022. The number of substations increased by 1.6 percent YOY to 1,209, while the number of transformers increased by 5.8 percent YOY to 3,857 in 2022.
The presentation disclosed that SEC achieved 71 percent localisation and recorded a 55 percent local content rate last year.
The company reported an annual increase of 5.17 percent in net profit after Zakat and tax of SAR 15.13 billion in 2022, compared to SAR 14.39 billion in 2021.
(Writing by D Madhura; Editing by Anoop Menon)
