SEC quarterly earnings down 18%

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.

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.

REUTERS/Fahad Shadeed
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.

Source: Mubasher

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