Riyadh – Mubasher: The Saudi Electricity Company (SEC) achieved a consolidated net profit after Zakat and tax worth SAR 1.68 billion during the first quarter (Q1) of 2021, against a net loss of SAR 2.44 billion in Q1-20.
SEC’s loss per share stood at SAR 0.05 in Q1-21, compared with SAR 0.59 in Q1-20, according to the initial income statements.
Revenues increased by 17.1% year-on-year (YoY) to SAR 13.34 billion in Q1-21 from SAR 11.398 billion.
The company has turned to profit during the first three months of 2021 due to the implementation of the regulatory and financial reforms approved for the Saudi electricity sector in November 2020.
During the full year of 2020, SEC recorded profits worth SAR 3.026 billion, compared to SAR 1.388 billion in 2019.
