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  • 31-03-21

    Profits of Saudi Electricity increase in 2020

    (MENAFN)The profits of Saudi Electricity in excess of doubled previous year as more people were forced to stay at home.

    The utilities company in a stock exchange filing stated that net income increased 118 percent to SR3 billion as sales obtained 5.6 percent to SR68.7 billion. The company’s performance was supported by the annulment of a SR412 million tax cost as a result of a tax law change previous year.

    As overall electricity sales dropped in previous year as the pandemic imposed many companies to close shop, the involvement of residential consumption rose.

    Saudi Electricity would expense dividends of over SR2.9 billion or 7 percent.

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