Saudi Electricity Company’s profits decline to 6.86 billion riyals by the end of 2024

The net profit of the Saudi Electricity Company decreased to 6.86 billion riyals by the end of 2024, compared to 10.24 billion riyals in 2023 by 33%, following the announcement today of the preliminary financial results for the period ending December 31, 2024.

The operating profit amounted to 11.77 billion riyals by the end of 2024, compared to 14.16 billion riyals in 2023, a decrease of 17%.

The equity (after excluding non-controlling interests) in the current year amounted to 251.3 billion riyals, compared to 256.3 billion riyals in 2023, a decrease of 1.9%.

The loss per share in the current year amounted to 0.46 riyals compared to a profit of 0.62 riyals in 2023. The company said in a statement today on “Tadawul” that the increase in revenues for the current year compared to the previous year is mainly due to 1) the increase in the required revenue recognized during the current year as a result of the increase in the regulatory rate of return weighted to the cost of capital (regulatory return) and the growth of the regulated asset base 2) the increase in demand for electricity, the increase in the company’s electricity production revenues, and the continued growth of the subscriber base. 3) the increase in revenues related to the development of projects to establish stations and transmission lines for the benefit of its customers.