Riyadh – Mubasher: Saudi Electricity Co’s losses increased by 62.15% during the fourth quarter of 2016 as compared to the same period a year ago.
Losses deepened to total SAR 2.34 billion ($624.8 million) in Q4-16 from SAR 1.45billion ($385.3 million) in Q4-15, according to a bourse filing issued on Wednesday.
Total operating revenues grew by 19% to reach SAR 10.65 billion in Q4-16 from SAR 8.98 billion in Q4-15.
During the fiscal year of 2016, net earnings reached SAR 2.11 billion which is 36.85% higher from SAR 1.54 billion in FY15.
Operating revenues during FY16 stood at SAR 50 billion from SAR 41.54 billion in FY15; a growth of 20%.
