Riyadh – Mubasher: Saudi Electricity Company (SEC) reported a 21% decline in net profits last year, as shown by its annual financial results.

Net profit amounted to around SAR 1.39 billion in 2019, compared with SAR 1.76 billion, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

SEC said the decrease in net profit is mainly due to higher depreciation cost and finance charges, despite the increase in operating revenue and lower power, operations, and maintenance costs, as well as a decrease in and general and administrative expenses.

This was partially offset by an increase in other items of operating revenue, in addition to the approval and activation of the balancing account of the electricity sector on the fiscal year (FY) 2019, which had a positive impact of an increase of SAR 1.1 billion in the other operating revenue line last year.