Riyadh – Mubasher: Saudi Electricity Company (SEC) posted a 10.08% decline in net profit after Zakat and tax to SAR 13.39 billion during the first nine months (9M) of 2022, versus SAR 14.89 billion in 9M-21.

The Saudi firm generated revenues worth SAR 55.68 billion in the January-September 2022 period, up 3.58% year-on-year (YoY) from SAR 53.76 billion, according to the initial financial results.

Meanwhile, the earnings per share (EPS) plummeted to SAR 1.84 in 9M-22 from SAR 2.20 in 9M-21.

During the third quarter (Q3) of 2022, the company logged net profits after Zakat and tax worth SAR 6.37 billion, lower by 13.62% than SAR 7.38 billion in Q3-21.

Revenues grew by 4.20% YoY to SAR 22.75 billion in July-September 2022 from SAR 21.83 billion.

On a quarterly basis, the Q3-22 net profits after Zakat and tax jumped by 15.87% from SAR 5.50 billion in Q2-22, whereas the revenues enlarged by 17.25% from SAR 19.40 billion.

In 6M-22, the net profits after Zakat and tax of SEC amounted to SAR 7.02 billion, down 6.61% YoY from SAR 7.51 billion.