5.8 billion riyals, profits of Saudi Electricity in the second quarter

The Saudi Electricity Company achieved profits of 5.8 billion riyals in the second quarter, compared to losses of 869 million riyals during the corresponding period last year.

The achievement of a net profit for the second quarter is due to the implementation of the regulatory and financial reforms of the electricity sector approved in November 2020, where the government fee was canceled as of January 1, 2021, while it included The same quarter of the previous year on government fee costs of 4.5 billion riyals.

The company attributed the profits to the organization of the company's revenues according to the structured asset base model starting from the fiscal year 2021, and accordingly an estimated quarterly amount is disbursed to the budget account, the matter Which led to an increase in the item of other operating incomes during the current quarter, and the financing burdens decreased as a result of the decrease in total loans after the transfer of government loans within the Mudaraba instrument signed in November 2020, in addition to the increase in operating incomes, which is attributed to the growth of energy sales by 9%.

During the first half, the company's net profit amounted to 7.5 billion riyals, compared to losses of 3.3 billion riyals during the same period last year. Revenues during that period amounted to 32.284 billion riyals, compared to 28 billion riyals during the corresponding period of 2020, with a growth rate of 15%.