Riyadh – Mubasher: Saudi Electricity Company (SEC) has reported a 45.6% decrease in net profits for the third quarter of the year, as shown by the company’s interim consolidated condensed financial results.
Net profits amounted to SAR 2.68 million during Q3-19, compared with SAR 4.9 million for the same period in the year before, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The decrease in net profit is mainly attributed to lower sales that resulted from a lower volume of electric power sold, which was primarily driven by consumption rationalization, especially from residential and commercial segments.
Moreover, higher depreciation cost was partially offset by an increase in other operating revenues.
In the nine-month period to 30 September, profits went down by 64.4% to SAR 1.98 million, compared with SAR 5.56 million in the same period in 2018.
