The financial statements of the Saudi Electricity Company showed a significant jump in the company's profits during the past year, with a rate of 375.6% on an annual basis.
According to the company's results for the Saudi market (Tadawul), profits last year amounted to 14.391 billion riyals, compared to profits in 2020 of 3.026 billion riyals.
The company said that the increase in profits during the comparative years is mainly due to the completion of the implementation of the regulatory and financial reforms of the electricity sector approved in November of the year 2020.
The company achieved revenues of 69.338 billion riyals last year, compared to 68.709 billion riyals in 2020, a slight increase of only 1%.
The company's board of directors recommended, in its meeting, which was held yesterday, Tuesday, the distribution of cash dividends to shareholders for the past year at a rate of 7% of the nominal value of the share at 0.7 riyals per share, With a total value of 2.917 billion riyals.
The company clarified that the eligibility for profits is for the shareholders who own shares at the end of trading on the day of the meeting, which will be announced later, and who are registered in the company's shareholders register with the Securities Depository Center Company ( deposit) at the end of the second day following the due date.
