Saudi Electricity Losses Widen

The Saudi Electricity Company (SEC) reported an increase in net losses during the first quarter (Q1) of 2020 by 64% to SAR 2.44 billion (US$649.454 million), compared with SAR 1.49 billion (US$396.593 million) for the same period last year. The company’s interim consolidated condensed financial results further showed that during Q1-20 revenues remained almost unchanged compared with the same period of 2019 at SAR 11.4 billion (US$3.034 billion).

SEC attributed the increase in net losses to higher purchased power expenses and finance charges, noting that the Q1-19 was affected by reversing provisions, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday. Losses per share increased to SAR 0.59 (~15.5 cents), compared with SAR 0.36 (~9.5 cents) in Q1-19.