The financial statements of the Saudi Electricity Company revealed a decline in the company's profits in the second quarter of this year by 5.6% to reach 5.502 billion riyals, compared to the profits of the same period last year, which amounted to 5.828 billion riyals.
The company said in a statement to the Saudi market (Tadawul), today, Monday, that the decline in profits during the comparison periods is due to the increase in the provision for receivables affected by the increase in the average age of receivables, and that there is an increase in operating revenues mainly due to the growth in demand for electric power, offset by the increase in operating costs and general and administrative expenses.
The company achieved profits of 7.020 billion riyals in the first half of this year, compared to profits of 7.517 billion riyals in the same period last year, a decrease in profits by 6.6%.
The company's revenues in the first half of this year amounted to about 32.933 billion riyals, compared to 31.929 billion riyals in the corresponding period of 2021, an increase of 3.1%.
