Saudi Electricity Company reported an 8% rise in net profit to SAR 4.34 billion ($1.2 billion) in the second quarter of 2024, compared to SAR 4 billion in the same quarter last year.

The net profit missed analysts’ mean estimate of SAR 5.20 billion, according to LSEG data.  

The profit rise was supported by higher power generation revenue, continued growth in the subscriber base, a decline in finance costs, and additional earnings from constructing new substations and transmission lines for customers.

Revenue jumped 13.5% year-on-year (YoY) to SAR 22.4 billion on higher demand due to seasonal factors.

Net profit for the first six months of 2024 increased by 17% to SAR 5.2 billion from SAR 4.5 billion in the same period last year.

Revenue rose 15%  year-on-year (YoY) to SAR 38.2 billion in the first half, driven by increased earnings from power generation and lower finance costs.      

(Editing by Brinda Darasha; brinda.darasha@lseg.com)