RIYADH: Saudi Electricity Co. has reported a slight drop in its first nine months profit of 2022 to SR13 billion ($3.5 billion).
In response to the profit decline, the company’s shares lost 4.35 percent to end the session at SR25.3 on Thursday, extending losses from earlier in the day.
Profits went down 10 percent from SR15 billion in the same period last year, despite a 4 percent jump in sales, the state-owned utility giant said in a filing.
Pushed by growing demand for electric power, SEC made SR56 billion in sales during the nine-month period, up from SR54 billion in 2021.
The lower net income was attributed to higher operations and maintenance costs as well as higher booked receivable provisions due to increased average aging.