Riyadh – Mubasher: Saudi Electricity Company(SEC) registered SAR 480 million in net profit after Zakat and tax during the first quarter (Q1) of 2023, an annual drop of 68.36% from SAR 1.51 billion.

Revenues stood at SAR 13.37 billion in Q1-23, down 1.12% from SAR 13.53 billion in Q1-22, according to the interim consolidated income statements.

The loss per share reached SAR 0.34 as of 31 March 2023, compared to SAR 0.09 in the year-ago period.

On a quarterly basis, the Q1-23 net profits after Zakat and tax plummeted by 72.41% from SAR 1.74 billion in Q4-22, while the revenues shrank by 18.41% from SAR 16.39 billion.

Dividends for 2022

The shareholders of SEC greenlighted the board’s proposal to disburse cash dividends amounting to SAR 2.91 billion, equivalent to SAR 0.70 per share, for 2022.

Eligible shareholders will receive the approved dividends, which represent 7% of the company’s capital, on 25 May 2023.

Last year, the net profits after Zakat and tax of SEC climbed by 5.17% to SAR 15.13 billion, compared to SAR 14.39 billion in 2021.