The decrease in quarterly profits was due to higher costs of purchased power and provisions
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 Riyadh.
By Staff Writer, Mubasher
Riyadh – Mubasher: Saudi Electricity Company (SEC) reported 17.8% lower net earnings in the third quarter (Q3) of 2020 at SAR 2.2 billion, compared to SAR 2.7 billion in the year-ago period.
The decrease in quarterly profits was due to higher costs of purchased power and provisions; this was partially offset by the drop in fuel costs and general and administrative expenses, according to a bourse filing on Thursday.
Revenue for Q3-20 reached SAR 20.5 billion, a drop of 1.5% when compared to SAR 20.8 billion in the same period in 2019.
Over the January-September period, the company turned to a net loss of SAR 1.1 billion, against a net profit of SAR 1.98 billion last year.
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.