Riyadh – Mubasher: Saudi Electricity Company (SEC) achieved a net profit worth SAR 12.14 billion during the first nine months (9M) of 2024.
The positive results signalled a 17.39% growth from SAR 10.34 billion in 9M-23, according to the financial results.
The earnings per share (EPS) rose to SAR 1.33 in 9M-24 from SAR 1.11 in the same period a year earlier.
Moreover, the revenue increased by 16.97% to SAR 66.55 billion in January-September 2024, compared with SAR 56.89 billion in the corresponding nine-month period in 2023.
Income Statement for Q3-24
During the third quarter (Q3) of 2024, the net profits of SEC stood at SAR 6.89 billion compared to SAR 5.84 billion in Q3-24, which marked an 18.03% annual rise.
The revenue also soared by 18.97% to SAR 28.31 billion in July-September 2024 from SAR 23.79 billion in the same quarter a year ago.
On a quarterly basis, the Q3-24 net profits of SEC were 58.75% higher than SAR 4.34 billion in Q2-24, whereas the revenue grew by 26.52% from SAR 22.37 billion.
It is worth noting that in the first half (H1) of 2024, SEC recorded net profits worth SAR 5.24 billion and revenues of SAR 38.23 billion.
