Riyadh – Mubasher: Saudi Electricity Company (SEC) registered net profits worth SAR 6.86 billion in 2024, according to the financial results.
The amount marked a 33% decrease from SAR 10.24 billion in 2023 that resulted from the recognition of non-recurring expenses based on the decision of the Ministerial Committee for restructuring the electricity sector and SEC to approve a final settlement of historically disputed amounts related to technical differences in fuel quantities and prices, handling costs, and electrical energy.
SEC posted a loss per share of SAR 0.46 as of 31 December 2024, against earnings per share (EPS) of SAR 0.62 in the year-ago period.
The company, meanwhile, generated 17.70% higher revenue worth SAR 88.66 billion in 2024 compared with SAR 75.33 billion in 2023.
Cash Dividends
During their 4 March 2025 meeting, the board members of SEC recommended a cash dividend valued at SAR 0.70 per share, representing 7% of the share’s par value, for 2024.
The dividend amount will total SAR 2.91 billion for 4.16 billion eligible shares. Meanwhile, the company will announce the eligibility and distribution dates for 2024 dividends at a later time.
It is worth noting that during the first nine months (9M) of 2024, the net profits of SEC hit SAR 12.14 billion whereas the revenue reached SAR 66.55 billion.
