‎“Saudi Electricity” profits increased to SR15.13 bln riyals during ‎‎2022, by 5%‎

The net profit after zakat and tax of the Saudi Electricity Company grew to 15.13 billion riyals during the year 2022 AD, compared to 14.39 billion riyals in the year 2021 AD, at a rate of 5%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 17.98 billion riyals during the year ending on December 31, 2022, compared to 17.56 billion riyals in the previous year, an increase of 2.4%.

As for the total profit, it amounted to 19.7 billion riyals in the current year, compared to 20.5 billion riyals in the previous year, a decline of 4%.

Earnings per share in the current year amounted to 1.79 riyals, compared to 1.62 riyals in the previous year.

The increase in net profit for the current year compared to the previous year is mainly due to 1) the increase in operating revenues as a result of the growth in demand for electric power and the increase in the amount of the budget account compared to the previous year 2) the increase in the other revenue item, which is mainly due to recording non-recurring items 3 ) Increased income from investments recorded using equity method as a result of changing the classification of the company’s investments in independent production companies from joint operations to joint ventures.

This was partly offset by the increase in operating and other revenues, an increase in the costs of purchased energy and fuel, which was affected by the growth in energy demand, in addition to an increase in the provision for electricity and other receivables, and a marginal increase in financing costs.

The adjusted net profit (net profit attributable to ordinary shares, after deducting dividends from the speculative instrument in the amount of 7.7 billion Saudi riyals) for the year 2022 amounted to 7.5 billion Saudi riyals, compared to 6.7 billion Saudi riyals for the previous year, an increase of 11%. . Accordingly, the basic and diluted earnings per share amounted to 1.79 riyals for the year 2022 AD, compared to 1.62 riyals for the previous year.

The company will organize a virtual meeting with investors and financial analysts to discuss the financial results for the year 2022 at exactly 3:30 Saudi Arabian time on Tuesday evening corresponding to 03-21-2023 AD, and investors wishing to obtain details of the meeting should contact the Investor Relations Department In the company at the e-mail: IR@se.com.sa