Riyadh – Mubasher: Saudi Electricity Co (SEC) has suffered a net loss of SAR 1.5 billion during the first quarter of 2019, up 22.65% year-on-year from SAR 1.2 billion.

Quarter-on-quarter, net loss declined 60.5%, compared to SAR 3.77 billion in Q4-18, the state-run power utility said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

Moreover, the company’s revenue amounted to SAR 11.395 billion in Q1-19, versus SAR 11.401 billion in the prior-year period, according to the statement.

The increase in Q1-19 net losses was mainly driven by the rise in finance charges, SEC noted, adding that operations and maintenance costs and general and administrative expenses dropped as a result of improved operational efficiency.

Loss per Share stood at SAR 0.36 during the first three months of 2019, compared to SAR  0.29in Q1-18, the company highlighted.

It is worth noting that SEC previously reported a net profit of SAR 1.8 billion for fiscal year 2018, versus SAR 6.91 billion in 2017.