Riyadh – Mubasher: Saudi Electricity Company(SEC) recorded an annual drop of 35.94% in net profit after Zakat and tax to SAR 4.49 billion during the first half (H1) of 2023, compared to SAR 7.02 billion.

Revenues went up by 0.50% year-on-year (YoY) to SAR 33.09 billion in H1-23 from SAR 32.93 billion, according to the interim financial results.

The earnings per share (EPS) hit SAR 0.17 in the first six months (6M) of 2023, an annual decrease from SAR 0.77.

Income Statements for Q2-23

During the second quarter (Q2) of 2023, the listed firm generated net profits after Zakat and tax worth SAR 4.01 billion, marking a 26.99% drop from SAR 5.50 billion in Q2-22.

The revenues were valued at SAR 19.71 billion in the April-June 2023 period, higher by 1.63% YoY than SAR 19.40 billion.

On a quarterly basis, the Q2-23 net profits hiked by 736.88% from the SAR 480 million generated in Q1-23, while the revenues jumped by 47.38% from SAR 13.37 billion.