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Saudi Electricity's profit climbs amid revenue growth

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Saudi Electricity's profit climbs amid revenue growth

Saudi Electricity Co. said its net profit for the fiscal year that ended Dec. 31, 2017, came in at 6.91 billion Saudi riyals, or 1.66 riyals per share, up from 4.55 billion riyals, or 1.09 riyals per share, in the previous fiscal year.

Operating revenue for the year rose to 50.62 billion riyals, from 49.86 billion riyals in 2016. Revenue from electricity sales edged up to 45.45 billion riyals from 45.32 billion riyals.

The electric utility company's cost of sales came in at 44 billion riyals, compared to 43.01 billion riyals a year ago.

Net finance costs for fiscal 2017 came in at 2.75 billion riyals, up from 2.05 billion riyals.

As of Sept. 5, US$1 was equivalent to 3.75 Saudi riyals.