JEDDAH: Saudi Arabia aims to exceed its target to generate 9.5 gigawatts of electricity from renewable energy annually, to highlight its long-term commitment to green energy, a senior government official said.
“We plan to exceed 9.5 gigawatts,” Turki Al-Shehri, head of the energy ministry’s Renewable Energy Project Development Office told the Sino-Saudi investment forum in Jeddah on Thursday.
“The whole idea of this is to give investors a sense of comfort that the Kingdom has a long-term vision for renewable energy,” he later told Reuters.
The government has said it plans to generate 9.5 gigawatts (GW) of electricity from renewable sources a year by 2023 through 60 projects, involving an estimated investment of between $30 billion and $50 billion.
Shehri declined to give further details on when the government expects to exceed the target or other details, saying such an announcement would be made by the energy minister.
Expressions of interest in Saudi’s first utility-scale solar project had come from China more than any other country, he said.
Saudi Arabia aims to exceed renewable energy target
Saudi Arabia aims to exceed renewable energy target
SABIC Agri-Nutrients profit climbs 30% on higher fertilizer prices
RIYADH: SABIC Agri-Nutrients Co. posted a nearly 30 percent jump in annual profit after higher fertilizer prices and stronger associate income boosted earnings.
Net income rose to SR4.32 billion ($1.15 billion) in 2025, up 29.91 percent from a year earlier, according to a filing on Tadawul. Revenue increased 18.23 percent to SR13.07 billion.
The company attributed the rise in profit to higher sales, driven mainly by an increase in the average selling prices of most of its products. The profit growth was also supported by a higher share of results from an associate and a joint venture.
“The year of 2025 saw average selling prices increase by 16 percent while sales volumes increased by 2 percent compared to the previous year. This resulted in revenue increasing by 18 percent,” the company said in a statement.
The stronger performance lifted shareholders’ equity, after minority interest, to SR21.20 billion as of Dec. 31, 2025, compared with SR18.47 billion a year earlier.
The board declared a cash dividend of 35 percent, or SR3.5 per share.
In a separate statement, SABIC Agri-Nutrients said its board approved the merger of its wholly owned subsidiary, National Chemical Fertilizer Co., also known as Ibn Al-Baytar, into the parent company.
“This merger aims to strengthen SABIC Agri-Nutrients’ structure and achieve greater efficiency by accelerating company activities and reducing certain costs,” the company said.
It added: “There is no material financial impact resulting from this merger. Any material developments will be announced.”
