Ahead of the opening of the Saudi market session today, the Saudi Electricity Company (TADAWUL:5110) announced in a disclosure to the Saudi Stock Exchange website, Tadawul, that its profits declined during the past year by 32.28% to record 10.249 billion Saudi riyals, compared to the profits of Saudi Electricity Company in 2022, which settled at 15.135 billion riyals.
At the same time, total comprehensive income decreased by 39.56% to 9.845 billion riyals, after comprehensive income recorded 16.289 billion riyals in 2022, and earnings per share decreased from 1.79 riyals to 0.62 riyals during 2023.
The Saudi Electricity Company explained the reason for the decline in its annual profits to the increase in operating and maintenance expenses as a result of the increase in activities and the size of assets, in addition to the increase in the costs of contracts to develop projects to establish stations and transmission lines for the benefit of customers.
Also, financing costs increased due to the high interest rate environment globally in addition to obtaining additional financing in 2023 to finance Saudi Electricity Company's capital projects.
