Mubasher TV
Contact Us Advertising   العربية

Saudi Electricity profits down 19.5% in 2019

Saudi Electricity profits down 19.5% in 2019
SEC posted SAR 1.42 billion annual profits last year
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08

Riyadh – Mubasher: Saudi Electricity Company (SEC) has reported a 19.46% year-on-year (YoY) decline in profits during 2019, as shown by the estimated annual financial results.

Net profits after Zakat and tax amounted to around SAR 1.42 billion last year compared with SAR 1.757 billion in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

SEC attributed the decrease in net profits to lower electricity sales, which was primarily driven by consumption rationalization, alongside higher depreciation cost and higher finance charges.

This was offset by an increase in the other items of operating revenue, as evident by a 1.52% YoY growth in revenues to SAR 65.04 billion.

Moreover, the company announced that it has received the Ministry of Finance’s approval and activation of the balancing account of the electricity sector on the fiscal year (FY) 2019, which had a positive impact of an estimated increase of SAR 1.1 billion in the other operating revenue line for 2019.