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Saudi Electricity’s Q2 profits fall 57%

Saudi Electricity’s Q2 profits fall 57%
Net profits after zakat and tax declined by 57.28% to SAR 789 million in Q2-19
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08

Riyadh – Mubasher: Saudi Electricity Company posted its interim consolidated financial results for the second quarter of 2019.

Net profits after zakat and tax declined by 57.28% to SAR 789 million in Q2-19, compared to SAR 1.84 billion in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

the company attributed the decrease in profits to lower electricity sales and higher financing charges, This is despite lower fuel and purchased power costs driven by improvement in operational efficiency for the current quarter.

Revenues of the Saudi firm plunged 38.04% year-on-year to SAR 1.82 billion during the three-month period between April and June.

For the first half of 2019, the company incurred losses of SAR 700 million, against profits of SAR 633 million in H1-18.

Revenues retreated by 4.07% to SAR 27.91 million in H1-19, from SAR 29.1 million in the corresponding period a year earlier.