Latest news with #SaudiElectricity
Zawya
14-05-2025
- Business
- Zawya
Saudi: SEC's profits jump 8% in Q1-25; revenues hit $5.2bln
Riyadh – Saudi Electricity Company (SEC) recorded an annual rise of 7.91% in net profit to SAR 968 million during the first quarter (Q1) of 2025, compared to SAR 897 million. The revenues surged by 22.96% year-on-year (YoY) to SAR 19.50 billion in Q1-25 from SAR 15.85 billion, according to the financial results. Loss per share declined to SAR 0.29 as of 31 March 2025 from SAR 0.31 a year earlier. Quarterly, the company turned profitable in Q1-25 against net losses of SAR 5.27 billion in Q4-24, while the revenues fell by 11.81% from SAR 22.11 billion. In 2024, SEC posted 33% YoY lower net profits at SAR 6.86 billion, compared to SAR 10.24 billion. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks inch lower as surplus oil worries weigh
Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index was down 0.19%. Saudi Telecom and Saudi Electricity Company were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company. The refiner is on track to log its third straight session of gains. Dubai's main share index was flat, trading down 0.09% as a 2.5% gain in Mashreqbank was offset by a 2.7% fall in Amlak Finance. Abu Dhabi's benchmark index was unchanged while Qatar's benchmark stock index was down 0.01%.
Reuters
14-05-2025
- Business
- Reuters
Gulf stocks inch lower as surplus oil worries weigh
May 14 (Reuters) - Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.19%. Saudi Telecom ( opens new tab and Saudi Electricity Company ( opens new tab were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company ( opens new tab. The refiner is on track to log its third straight session of gains. Dubai's main share index (.DFMGI), opens new tab was flat, trading down 0.09% as a 2.5% gain in Mashreqbank ( opens new tab was offset by a 2.7% fall in Amlak Finance ( opens new tab. Abu Dhabi's benchmark index (.FTFADGI), opens new tab was unchanged while Qatar's benchmark stock index (.QSI), opens new tab was down 0.01%.
CairoScene
06-03-2025
- Business
- CairoScene
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.
