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FinancialNews


  • 06-05-21

    Saudi Electricity returns to profit in 1Q

    (MENAFN)Saudi Electricity, the region's biggest utility, rejoined to profit in the first three months supported by sweeping new reforms planned to increase its efficiency.

    The company announced net profit of SR1.69 billion (USD450.4 million) in comparison to a loss of SR2.44 billion year ago.

    The company further stated in a stock exchange filing that sales increased 17 percent to SR13.35 billion.

    The improved performance is according to a number of factors including the annulment of the government fee that started from the start of 2021 in addition to declined overall debt levels.

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