Riyadh – Mubasher: Saudi Electricity Company on Sunday reported a 6.4% year-on-year decline in profits for the third quarter of 2018.
Net profits registered SAR 4.9 billion in Q3-18, compared to SAR 5.26 billion in Q3-17, according to a filing to the Saudi Stock Exchange (Tadawul).
The third-quarter profit drop was attributed to an increase in finance charges, in addition to adopting IFRS 15, which affected operating revenues negatively.
For the first nine months of 2018, Saudi Electricity’s profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.
By the end of Thursday’s session, Saudi Electricity’s stock decreased by 1.5% at SAR 14.46.
