Saudi: SEC posts 32% YoY plunge in 2023 consolidated profit

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Saudi Electricity Company (SEC) reported a 32.28% year-on-year (YoY) drop in consolidated net profit after tax to SAR 10.24 billion in 2023 from SAR 15.13 billion a year earlier.

The company’s revenues grew 4.51% YoY to SAR 75.33 billion last year from SAR 72.07 billion in 2022, according to the audited annual consolidated financial results.

The earnings per share (EPS) reached SAR 0.62 in the 12-month period that ended on 31 December 2023, down from SAR 1.79 the year before.

Cash Dividends

The company’s board of directors has recommended the disbursement of SAR 2.91 billion in cash dividends for the financial year 2023.

Dividends are set to be distributed on around 4.16 billion eligible shares at SAR 0.70 per share.

In the first nine months (9M) of 2023, SEC’s net profits plunged 22.80% YoY to SAR 10.34 billion, versus SAR 13.39 billion.