PHOTO
The board of Saudi Electricity Company (SEC) has appointed Khalid Hamad Algnoon as the CEO of the state-owned firm.
The appointment is effective today (June 20), the company said in a disclosure on the Saudi Stock Exchange (Tadawul).
Al Gnoon, which holds a master's degree in business administration from Ireland’s Dublin University, was previously appointed acting CEO to replace Fahad bin Husseein Al-Suaidiri, who had quit the company for “private reasons”.
The new CEO has more than 35 years of engineering and administrative experience.
The electric transmission company saw its net profit decline by 10 percent to 1.5 billion riyals ($399 million) in the first quarter of the year due to higher operating, maintenance and financing costs. On a quarterly basis, however, the company’s financial performance posted an improvement, having incurred 506 million riyals in losses in the last quarter of 2021.
(Writing by Cleofe Maceda; editing by Seban Scaria)
