Saudi Electricity Company announces earnings of SAR6.9bn in 2017
Saudi Electricity Company [SECO) has released its full year 2017 financial results, showing net profit of SAR6.9bnn (51.99% Y-o-Y). The company stated operating profit was at SAR10bn (50.2% Y-o-Y), while gross profit came in at SAR6.62bn (-3.39% Y-o-Y). The company reported sales at SAR50.62bn, +2% Y-o-Y. The company attributed the stronger Y-o-Y results on the back of: i) the inclusion of a one-off non-recurring balance from the exempting SEC from municipal fees; and ii) improvements in overhead cost efficiency.
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