Saudi Electricity's Profits Plummet by 33% in 2024
Revenue grew within the Saudi Electricity Company in 2024, but a fall in net profit affects shareholders.
In a statement to the Saudi Stock Exchange, Saudi Electricity Company disclosed a 33% decline in net profit for the fiscal year of 2024, dropping from SAR 10.25 billion in 2023 to SAR 6.86 billion. This decrease in net profit can be attributed to non-recurring expenses related to settling of the technical differences in fuel quantities and prices.
Despite the net profit decline, Saudi Electricity has reported an increase in revenues in 2024, with net profit increasing by 8.9% from SAR 11.1 billion in 2023 to SAR 12.08 billion. Moreover, revenues grew by 17.7% to SAR 88.66 billion, which exceeded the Bloomberg forecast of SAR 87.15 billion. An increase in regulatory return, regulated asset base, demand for electricity, and subscriber base, and a decrease in operating and maintenance costs due to improved operational efficiency have been cited as contributing to this revenue growth.
The Board of Directors for the Saudi Electricity Company recommended the distribution of cash dividends worth 0.7 per share, and totalling SAR 2.9 billion, for the fiscal year of 2024. This comes in response to shareholders experiencing a net loss of SAR 1.925 billion.
At the start of trading in the Saudi Stock Market on March 5th, shares fell by 0.6% to SAR 16.5.
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