SEC's net profits jump 118% in 2020; dividends proposed

he company's revenues increased by 5.641%

  
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: The net profits after zakat and tax of Saudi Electricity Company (SEC) hiked by 118.011% to SAR 3.026 billion in 2020 from SAR 1.388 billion in 2019.

Higher net profits are mainly attributed to an increase in operating revenues and continued growth in subscribers’ base, according to a bourse filing on Tuesday.

The company's revenues increased by 5.641% to SAR 68.709 billion last year from SAR 65.04 billion in 2019.

The earnings per share (EPS) settled at SAR 0.5 in 2020, compared to SAR 0.33 in the earlier year.

Meanwhile, the company's board has recommended distributing cash dividends, equivalent to 7% of the capital, aggregating at a total amount of SAR 2.916 billion.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company reported 17.8% lower net earnings at SAR 2.2 billion, compared to SAR 2.7 billion in the year-ago period.

Source: Mubasher

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