Arab News, Monday, Aug 22, 2022 | Muharram 22, 1444
State-owned utility SEC's profit drops 7% despite higher sales of $8.8bn
Saudi Arabia: Saudi Electricity Co.
has reported a slight drop in its first-half profit to SR7 billion ($1.9
billion), as higher operating costs make a dent in the earnings.
Its profits went down 7 percent from SR7.5 billion
in the same period last year, despite a 3 percent jump in sales, the state-owned
utility giant said in a filing.
Pushed by growing demand for electric power, the
Kingdom’s major utility made as much as SR33 billion in sales during the
six-month period, up from SR32 billion in 2021.
The lower net income was attributed to higher
operations and maintenance costs as well as higher booked receivable provisions
due to increased average aging.