The Saudi Electricity Co. has posted a 375 percent increase in net profit to $3.84 billion in 2021, according to a bourse filing.
The increase has been attributed to continuous “implementation of regulatory and financial reforms in the electricity sector.”
Pushed by growing electricity sales, electricity service connection fees, and transmission system revenue, SEC made revenues of as high as SR69.3 billion in the same period.
In line with strong profits, the company’s board proposed an annual dividend payout of SR0.7 per share.
Saudi financial analyst and CEO, Muhamed Al Suwayed, attributed the results to “the restructured debt deal with the government last year to convert SEC’s liabilities into Shariah-compliant equity-like instruments.”