On 2026-02-24 15:47:26 (Saudi Time), The Power and Water Utility Company for Jubail and Yanbu announced its Annual financial results for the twelve months ended on December 31, 2025.

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The increase in revenue is mainly due to the increase in water and gas revenue as well as the increase in the revenue of Tawreed (wholly owned subsidiary).
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The increase in net profit is mainly due to: • Increase in the revenue of Tawreed (wholly owned subsidiary), by 13.61 % amounting to SAR 350.50 million. • An Increase in water and gas revenue by 4.08 % amounting to SAR 107.71 million. Quantity sold for power segment has increased by 10.54%, amounting to SAR 58.34 million which was offset by a one-time adjustment related to High Intensity Electricity Consumption Tariff (HIECT) amounting to SAR 475.50 million. • A decrease in finance costs by 9.73 % amounting to SAR 101.52 million. • An increase in other operating income by 18.86 % amounting to SAR 41.95 million. • Recording a provision for expected credit loss amounting to SAR 496.20 million last year related to High Intensity Electricity Consumption Tariff (HIECT). (for more on non-recurring adjustment see the additional information) The increase has been offset by: • An increase in fuel costs used in production processes by 27.28 % amounting to SAR 515.71 million. • An increase in power and water purchases by 17.31 % amounting to SAR 151.03 million. • An increase in power transmission charges by 48.91 % amounting to SAR 18.80 million.
Statement of the type of external auditor's report	Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A.
Reclassification of Comparison Items	NO
Additional Information	1. Additional Information Related to High Intensity Electricity Consumption Tariff On 27 April 2025, the Company received a notification from Saudi Electricity Regulatory Authority (SERA) for amendment of electricity consumption tariff for establishments that are not eligible for HIECT in the Industrial, Commercial and Agricultural sectors with an increase of 2 halala/Kwh. The amendment come into effect on 28 May 2025, the Company applied HIECT, resulting in the following adjustments: • Non-recurring adjustment of revenue in accordance of IFRS 15: Revenue from power segment has decreased by SR 475.50 million related to previous periods, due to the issuance of credit notes for qualified customers as a result from the reduction of tariff for the periods from January 1st, 2023 to December 31st, 2024. • Non-recurring reversal of the provision for impairment loss on trade receivables: Company reversed a related impairment provision of SR 496.20 million (inclusive of VAT) pertaining specifically to the receivables of customers eligible for the HIECT. • The net impact on Consolidated Statement of Income: the above adjustments had a positive impact on Consolidated Statement of Income with an amount of SR 20.70 million.
Attached Documents

Year-on-Year Performance Drivers

Sales increased modestly by 0.91% YoY to SAR 6,945.62 million, driven by higher water and gas revenue (4.08% increase) and increased revenue from Tawreed subsidiary (13.61% increase), though offset by a one-time HIECT tariff adjustment of SAR 475.50 million. Net profit surged dramatically by 2,520.58% to SAR 449.43 million, primarily due to the reversal of a SAR 496.20 million provision for expected credit losses related to HIECT from the previous year, combined with decreased finance costs (9.73%) and increased other operating income (18.86%). However, these gains were partially offset by significantly higher fuel costs (27.28% increase) and increased power and water purchases (17.31% increase).

Quarter-on-Quarter Performance Drivers

Revenue increased 0.91% to 6,945.62 million SAR, driven by higher water and gas revenue (4.08% increase of 107.71 million SAR) and Tawreed subsidiary revenue growth (13.61% increase of 350.50 million SAR), partially offset by a one-time HIECT tariff adjustment reducing power revenue by 475.50 million SAR. Net profit surged 2,520.58% to 449.43 million SAR, primarily due to reversal of a 496.20 million SAR provision for expected credit losses related to HIECT and decreased finance costs by 101.52 million SAR. However, this was partially offset by significantly higher fuel costs (27.28% increase of 515.71 million SAR) and increased power and water purchases (17.31% increase of 151.03 million SAR).

Other Items

The auditors issued an unmodified opinion with no additional comments or qualifications noted. The company reported revenue of SAR 6,945.62 million and net profit of SAR 449.43 million, with total shareholders equity of SAR 5,609.78 million. A significant non-recurring adjustment occurred related to High Intensity Electricity Consumption Tariff (HIECT), involving a SAR 475.50 million revenue reduction for previous periods and reversal of SAR 496.20 million provision for impairment losses on trade receivables, resulting in a net positive impact of SAR 20.70 million on the consolidated statement of income.

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