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Image used for illustrative purpose. A vehicle drives past workers near power plant number 10 at Saudi Electricity Company's Central Operation Area, south of RiyadhFahad Shadeed Reuters Images
Saudi Electricity Company said its Q3 2024 net profit rose 18% to 6.9 billion Saudi riyals ($1.84 billion) from SAR 5.8 billion in the same period last year.
Revenue during the period rose 19% to SAR 28.3 billion from SAR 23.8 billion a year ago, driven by the higher regulated weighted average cost of capital, a growing regulated asset base, an increase in electricity production revenue and continued growth in subscriber base.
In addition, the top-line growth was supported by earnings from development projects to construct substations and transmission lines for the company’s customers.
Net profit rose 17% annually to SAR 12 billion, while revenue gained 17 percent year on year to SAR 67 billion.
(Editing by Seban Scaria seban.scaria@lseg.com)
