Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business

Kimberly-Clark to buy Kenvue

The deal is valued at $48.7 billion.

BYD Q3 profit down 33%

This was a 33% year-on-year decrease.

Alphabet posts first $100 bn quarter

The growth was powered by cloud division buoyed by AI

Nvidia to take stake in Nokia

Nvidia share price soars 20%.

Nestle to cut 16,000 jobs

The company's shares shoot up 8%.

Saudi Electricity Co. posts 375% jump in net profit to $3.84bn

This picture shows a view of electricity transmission towers in the Saudi capital Riyadh. (Photo by FAYEZ NURELDINE / AFP)
By TRENDS Desk
March 16, 2022 7:23 pm
  • The increase has been attributed to  continuous “implementation of regulatory and financial reforms in the electricity sector"
  • the company’s board has proposed an annual dividend payout of SR0.7 per share

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.”

 

[adinserter block="5"]

Most Read

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]