Riyadh – Mubasher: The net profits after Zakat and tax of Saudi Electricity Company (SEC) plummeted by 22.80% year-on-year (YoY) to SAR 10.34 billion in the first nine months (9M) of 2023, versus SAR 13.39 billion.
SEC recorded 2.18% higher revenues at SAR 56.89 billion during January-September 2023, compared to SAR 55.68 billion in 9M-22, according to the interim consolidated financial results.
The earnings per share (EPS) declined to SAR 1.11 in 9M-23 from SAR 1.84 in the year-ago period.
Income Statements for Q3-23
During the third quarter (Q3) of 2023, the listed company logged net profits after Zakat and tax valued at SAR 5.84 billion, marking an 8.33% drop from SAR 6.37 billion in Q3-22.
Revenues hit SAR 23.79 billion in the three-month period that ended on 30 September 2023, up 4.61% YoY from SAR 22.75 billion.
On a quarterly basis, the Q3-23 net profits hiked by 45.48% from SAR 4.01 billion in Q2-23, while the revenues increased by 20.70% from SAR 19.71 billion.
