Riyadh – Mubasher: Saudi Electricity Company (SEC) posted 16.56% year-on-year (YoY) higher net profits at SAR 5.24 billion in the first half (H1) of 2024, compared to SAR 4.49 billion.

The group generated revenues valued at SAR 38.23 billion in H1-24, marking a surge of 15.53% from SAR 33.09 billion a year earlier, according to the interim financial results.

Earnings per share (EPS) increased to SAR 0.21 as of 30 June 2024 from SAR 0.17 in H1-23.

Income Results for Q2-24

In the second quarter (Q2) of 2024, SEC logged net profits amounting to SAR 4.34 billion, up 8.16% YoY from SAR 4.01 billion.

Revenues witnessed a 13.49% rise to SAR 22.37 billion in the three-month period that ended on 30 June 2024, compared to SAR 19.71 billion in Q2-23.

Quarter-on-quarter (QoQ), the profits in Q2-24 hiked by 384.39% from SAR 897 million in Q1-24, while the revenues climbed by 41.12% from SAR 15.85 billion.