The Saudi Electricity Company (SEC) announced that its earnings reached SR1.78 billion in the fourth quarter of 2018 after the deduction of Zakat and taxes, reported the Saudi Press Agency.
The figure marks a drop of 74.2 percent for the same period of 2017 when SEC recorded earnings worth SR6.9 billion.
Earnings by a share dropped from SR1.66 to SR0.43.
The SEC recorded losses of SR3.8 billion, after Zakat and taxes, during the fourth quarter of 2018 compared to SR5.5 billion in losses during the same period in 2017.
In addition, the net operating losses decreased to SR2.1 billion compared to SR3.8 billion in 2017, a decline of 45 percent.
The company’s total losses for Q4 2018 rose 148 percent to SR2.4 billion from SR957 million a year ago.
A number of factors contributed to the decline in SEC net earnings, such as the debt cancellation of municipal fees and implementation of International Financial Reporting Standard No.15 (IFRS 15).
