Saudi Electricity’s results rise on removal of govt fee, higher power demand: CEO

Saudi Electricity Co.’s acting CEO Khaled H. Al-Kanoun

Saudi Electricity Co.’s (SEC) Q2 and H1 2021 financial results were supported by the cancellation of government fees and budget’s contribution account, in addition to the growth in power demand compared to the same period of the previous year, said acting CEO Khaled H. Al-Kanoun.

Commenting on SEC’s financial results, he indicated that the seasonal nature of electric energy consumption in the Kingdom is reflected in the different levels of the company's quarterly revenues over the year.

Al-Kanoun added that the higher profit improves its financial ability to inject the required priority investments to boost reliability and efficiency in the electricity system. This includes enhancing the power transmission grid reliability to raise generation efficiency and enable production of electricity from the renewable energy sources.

This is with the objective of achieving the target energy mix for electricity production, as well as enhancing and automating the distribution grid, Al-Kanoun said.

“All these contribute to achieving the aspired goals in raising the quality and reliability of the electrical service provided to the end consumer,” he concluded.

According to data compiled by Argaam, SEC reported a net profit after Zakat and tax of SAR 7.517 billion for H1 2021, versus a net loss of SAR 3.31 billion in a year-earlier period.

SEC’s H1 2021 net income attributable to common shares would stand at SAR 3.718 billion after deducting SAR 3.799 billion Mudaraba instrument’s profit.