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Saudi Electricity Q1 loss widens 112.4% YOY

Saudi Electricity Co. said its normalized net income for the first quarter came to a loss of 29 halalas per share, compared with a loss of 14 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.21 billion riyals, compared with a loss of 570.8 million riyals in the year-earlier period.

The normalized profit margin declined to negative 16.2% from negative 8.1% in the year-earlier period.

Total revenue rose year over year to 7.38 billion riyals from 7.03 billion riyals, and total operating expenses climbed 9.0% from the prior-year period to 8.78 billion riyals from 8.05 billion riyals.

Reported net income came to a loss of 1.94 billion riyals, or a loss of 47 halalas per share, compared with a loss of 913.3 million riyals, or a loss of 22 halalas per share, in the year-earlier period.

As of April 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.