Riyadh – Mubasher: Saudi Electricity Company (SEC) has achieved net profits after zakat and tax of SAR 14.897 billion in the first nine months of 2021, against net losses of SAR 1.109 billion in the same period of 2020.
The company has turned to profitability because of the regulatory and financial reforms approved for the electricity sector in November 2020, under which the government fee was canceled as of 1 January 2021 and a regulatory asset-based (RAB) model was adopted.
The company generated revenues of SAR 54.322 billion in the January-September period of 2021, up 11.812% from SAR 48.583 billion in the corresponding period of 2020.
The earnings per share (EPS) stood at SAR 2.2 in the first nine months of 2021, versus a loss per share of SAR 0.27 in the corresponding period of the earlier year.
During the third quarter (Q3) of 2021, the company's net profits after zakat and tax jumped to SAR 7.38 billion from SAR 2.2 billion in the same quarter of the earlier year.
It is noteworthy to mention that in the first half (H1) of 2021, SEC achieved net profits after Zakat and tax worth SAR 7.51 billion, against losses worth SAR 3.31 billion in H1-20.
