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Saudi Electricity posts SAR 2.4bn in Q1 losses

Saudi Electricity posts SAR 2.4bn in Q1 losses
Losses increased by 64% in the first quarter of 2020
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08

Riyadh – Mubasher: The Saudi Electricity Company (SEC) reported an increase in net losses during the first quarter (Q1) of 2020 by 64% to SAR 2.44 billion, compared with SAR 1.49 billion for the same period last year.

The company’s interim consolidated condensed financial results further showed that during Q1-20 revenues remained almost unchanged compared with the same period of 2019 at SAR 11.4 billion.

SEC attributed the increase in net losses to higher purchased power expenses and finance charges, noting that the Q1-19 was affected by reversing provisions, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Losses per share increased to SAR 0.59, compared with SAR 0.36 in Q1-19.