More than one and a half billion Saudi Electricity Company profits during the fourth quarter of 2018

Media In / Riyadh February 6, 2018

Saudi Electricity Company recorded net profit after Zakat and tax of SR 1.785 billion for the fourth quarter of the fiscal year 2018 compared to SR 6.9 billion during the corresponding period of the previous year with a decrease of 74.2% while the profit per share reached SAR 0.43 during the current period compared to SR 1.66 during the same period last year. .
The company recorded a loss of SR 3.8 billion after Zakat and tax during the fourth quarter, compared to a loss of SR 5.5 billion during the same quarter last year, a decrease of 32%, while operating loss amounted to 2.1 billion during the fourth quarter, compared to losses of SR 3.8 billion during the same quarter From the previous year down 45%.
The total loss was 2.4 billion during the fourth quarter, compared to a loss of 957 million riyals during the same quarter last year, an increase of 148%.
The decrease in net loss for the current quarter compared to the same quarter last year is mainly due to the fact that the results for the same quarter of the previous year included a non-recurring item related to the costs of the human resource productivity improvement program. The improvement in operational efficiency contributed to reducing the impact of the application IFRS 15, higher financing costs, and rationalization of energy consumption during the current quarter.