The profits of the Saudi Electricity Company increased by 235.3% to reach 7.38 billion riyals in the third quarter of 2021, compared to about 2.2 billion riyals in the same quarter of 2020.
According to Arabiya Net, the company's net profit increased by 26.6% compared to a net profit of about 5.83 million riyals in the second quarter of 2021.
It recorded, during the third quarter, operating income of 22 billion riyals, while the total profit amounted to 8.8 billion riyals, and the operating profit was 8 billion riyals, while the net profit amounted to 7.4 billion riyals.
The company turned to profitability in 9 months from 2021, with a value of 14.9 billion riyals, compared to 1.11 billion riyals, profits for the same period of 2020.
The company also achieved, during the first nine months of 2021, operating revenues of 54.3 billion riyals, while the total profit amounted to 18.5 billion riyals, and operating profit 16.7 billion The net profit amounted to 14.9 billion riyals, and the total equity, at the end of the third quarter, amounted to 256.3 billion riyals.
The earnings per share during the third quarter and the first nine months period amounted to 1.31 and 2.2 Saudi riyals, respectively.
The Saudi Electricity attributed, according to a statement, the change in net profit during the third quarter and the first nine months of 2021, compared to the same two periods of the previous year. As a basis, to the organizational, structural and financial reforms of the electricity sector announced in November of the year 2020, and implemented by the company in early January 2021.
The company also indicated the positive impact of the growth in energy sales, given the recovery in demand from the effects of the Corona pandemic during the corresponding period of the previous year, especially in the commercial, government and industrial sectors, As well as the increase in the revenues from requests to connect the electrical service and the transportation system, which was partially offset by the rise in the variable costs associated with the growth of consumption, such as the costs of energy purchased, operation and maintenance, and the increase in consumption during the current period.
This period witnessed an acceleration in the growth in the size of the subscriber base, as the company succeeded in delivering the electric service to more than 280,000 new subscribers, during the first nine months of the year 2021, distributed across all residential, commercial, industrial, agricultural and government sectors, bringing the total number of subscribers, until the end of the third quarter, to more than 10.4 million.
