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Saudi Electricity profit hikes 52% in 2017

Saudi Electricity profit hikes 52% in 2017
Profits amounted to SAR 6.9 billion in 2017
SAUDI ELECTRICITY
5110
-0.56% 17.70 -0.10

Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Wednesday posted a 52% hike in its profits for the full year 2017.

Profits amounted to SAR 6.9 billion last year, up from SAR 4.55 billion in 2016, according to a filing to the Saudi Stock Exchange (Tadawul).

The state-controlled utility attributed the annual profit increase to the company's exemption from municipals charges, according to the statement.

Moreover, operating revenues rose 2% to SAR 50.62 billion in 2017, compared to SAR 49.86 billion a year earlier.

 By the end of Tuesday’s session, Eastern Cement’s stock inched up 0.05% at SAR 21.09