In February 2019, Dawiyat Integrated Telecommunications and Information Technology, a subsidiary of SEC, signed a memorandum with Nokia to develop a 5G network in Saudi Arabia. The collaboration is designed to support the National Transformation Program (NTP) 2020 and Saudi Vision 2030. Both companies will participate in the development of about 10 million intelligent telecommunication network meters.
Also in 2019, the new SEC power transmission station, Qaryat al-Ulya, began its work with a total investment of 220 million rials.
The project was implemented using the latest technology to support Saudi efforts to reduce dependence on oil revenues.
In June 2019, the SEC subsidiary, Dawiyat Telecom, completed the first phase of the deployment of fiber optic networks in Sudair, Jeddah, Dammam, and Harje.
The step was implemented as part of the National Industrial Development and Logistics Program (NIDLP). The project aims to develop a digital infrastructure that will allow the use of 5G and the Internet of Things (IoT).
Q2 2015 Consolidated Financial Result
Net income decreased by 57.28% to 789 million rials, compared with 1,184 billion rials in the second quarter of 2018. The company attributes the profit figures to lower electricity sales and higher financing costs.
Saudi energy firm revenues fell 38.04% year-on-year to 1,82 billion riyals over three months period from April to June. For the first half of 2019, the company suffered a loss of 700 million riyals against a profit of 633 million riyals in the first half of the year.Revenue decreased by 4.07% to 27,91 million riyals.
Despite temporary losses, the Saudi Electricity Company is responsible for providing efficient services with the highest quality performance.