Saudi Electricity Company's profits rose by about 86.8% in the first quarter of 2024.
According to what the company revealed today, Sunday, May 12, net profit reached 897 million riyals in the first 3 months of 2024, compared to 480 million riyals during the same period last year.
Revenues increased by 18.5% to SAR 15.8 billion, while the company’s total assets increased by 3% to SAR 517.2 billion.
The company explained that the reason behind the growth in revenues is due to the increase in the required revenue recognized during the current quarter as a result of the increase in the regulatory rate of return weighted to the cost of capital (regulatory return), the growth of the regulated asset base, the growth in demand for electricity, and the continued growth in the subscriber base.
The company attributed the jump in profits to an increase in the required revenue recognized during the current quarter, which is attributed to the increase in the regulatory return and the growth of the regulated asset base.
