The financial statements of the Saudi Electricity Company showed that the profits of the last year decreased by 21% on an annual basis.
According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 1.39 billion riyals, compared to 1.76 billion riyals in 2018. >
The company said that the decline in profits is due to higher consumption of fixed assets and financing charges, despite the increase in operating revenues and low costs of energy purchased, operating and maintenance expenses, and general and administrative expenses. >
The above has partially offset the increase in other items of operating income in addition to approving and activating the budget account for the electricity sector for the fiscal year 2019, which had a positive impact that led to an increase of about 1.1 billion riyals in other operating income for the past year.
