Riyadh – Mubasher: Saudi Electricity Company (SEC) has achieved net profits after Zakat and tax worth SAR 1.51 billion in the January-March 2022 period, an annual decline of 10.18% from SAR 1.68 billion.

The company’s revenues grew by 1.37% to SAR 13.53 billion during the first quarter (Q1) of 2022, compared to SAR 13.34 billion in Q1-21, according to the interim financial results on Wednesday.

Meanwhile, the loss per share stood at SAR 0.09 in Q1-22, versus SAR 0.05 in Q1-21.

On a quarterly basis, the revenues in Q1-22 dropped by 9.89% from SAR 15.01 billion in Q4-21, while the Saudi listed firm turned profitable against net losses of SAR 506 million in Q4-21.

In a separate bourse disclosure, the company’s shareholders agreed to distribute a cash dividend of SAR 0.70 per share for 2021. SEC will pay SAR 2.91 billion, accounting for 7% of the capital, on 6 June.

Last year, the electricity producer witnessed net profits after Zakat and tax worth SAR 14.39 billion, a surge of 375.57% from SAR 3.02 billion in 2020.