The net profit of the Saudi Electricity Company decreased by 17.84% in the third quarter of 2020 to reach 2.2 billion riyals, compared to about 2.68 billion riyals for the third quarter of last year.
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According to Arabiya Net, the company clarified that the reason for the decrease in net profit is due to the high costs of the energy purchased, and the proof of provisions, despite the decrease in fuel costs and general expenses And administrative.
The company turned to losses during the first nine months of 2020, with net losses amounting to 1.11 billion riyals, compared to profits of 1.98 billion riyals in the same period last year.
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The Saudi Electricity Company had announced earlier the completion of an international green sukuk, divided into two tranches, worth $ 1.3 billion.
The company said in a statement posted on the Saudi market website Tadawul that the sukuk are fixed-income, priority, not backed by assets, under the RegS system.
The sukuk are divided into two, the first with a value of 650 million dollars (equivalent to 2,438 million riyals) for a 5-year tranche, and the second with 650 million dollars for a 10-year tranche.
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The fixed return is 1.74% for the sukuk segment with a maturity of 5 years, and 2.413% for the sukuk segment with a maturity of 10 years.
and stated that the order book was opened for the issue on Thursday morning 09/10/2020, and it was closed during the same day with total orders, for both segments, exceeding $ 5.2 billion.
The issuance of green sukuk met with strong demand from international investors from the Middle East, Asia and Europe, and the coverage ratio was more than 4 times and was priced within the company's yield curve of about 10, 15 points. Basis for 5 and 10 years, respectively.
The bonds will be listed on the Irish Stock Exchange (Euronext Dublin).
