Saudi Electricity proposes 7% dividend; 2020 net profit soars to $800mln

The dividend works out to 0.70 riyals per share, the utility company said in a bourse disclosure

  
Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Saudi Electricity Co.’s board of directors has recommended a 7 percent cash dividend for 2020, amounting to a total dividend distribution of 2.9 billion riyals ($773 million).

The dividend works out to 0.70 riyals per share, the utility company said in a bourse disclosure.

Saudi Electricity said Tuesday its net profit for 2020 more than doubled to 3 billion riyals on higher sales. Residential consumption rose offsetting the lower use by commercial and governmental users due to the pandemic lockdown measures and closure of offices. The company’s bottom line was also helped by the cancelation of a 412 million riyals tax expense as a result of a tax law change last year.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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