Saudi Electricity backs USD 2.2 billion deal: what it means for Saudi Electricity stock

Published on 10/21/2026 at 09:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A USD 2.2 billion Rabigh 2 contract gives Saudi Electricity stock a fresh project marker. Results are scheduled for November 11, 2026.

Expansion and reporting milestones

Forbes Middle East reported a USD 2.2 billion Rabigh 2 contract on October 14, 2026.
Second-quarter 2026 revenue reached SAR 30.86 billion and net income reached SAR 2.63 billion.
TradingView lists November 11, 2026, as the next earnings date.

Saudi Electricity, SA0007879550, Illustration mit AI erstellt.

Saudi Electricity Company (ISIN SA0007879550) is tied to a USD 2.2 billion engineering, procurement and construction contract for the Rabigh 2 power plant expansion. Forbes Middle East reported the contract on October 14, 2026, saying Saudi Electricity and ACWA Power each hold a 40% stake in the project developer. The commercial milestone matters because the plant is scheduled to begin operations in the second quarter of 2029.

Rabigh 2 adds a large project

The contract covers a 2.3-gigawatt combined-cycle gas plant in western Saudi Arabia. The project developer had secured SAR 9.69 billion of financing, with a tenor of 34 years, according to Argaam on October 4, 2026. The same report put the plant's capacity at 2,313.5 megawatts and said the financing will support development, construction, ownership and operation.

What does the contract mean for earnings?

The immediate earnings effect is deferred. Forbes Middle East said commercial operations are scheduled for May 2029, while the project is already more than 39% complete. Saudi Electricity's second-quarter 2026 revenue was SAR 30.86 billion and net income was SAR 2.63 billion, according to the reported financial figures carried by TradingView. Revenue exceeded the SAR 28.28 billion estimate, while earnings per share of SAR 0.72 came below the SAR 0.75 estimate.

November 11 results date

TradingView lists November 11, 2026, as the next earnings date. The second future milestone is the expected commercial start in the second quarter of 2029, which Argaam also reported.

Tadawul quote and company scale

The stock was last at SAR 15.07 on Tadawul on October 20, 2026, at 3:13 p.m. AST. Its market capitalization was SAR 62.8 billion as of October 20, 2026. Saudi Electricity operates across electricity generation, transmission and distribution in Saudi Arabia and also manages electrical and fiber-optic networks.