Riyadh – Mubasher: The Saudi Electricity Company (SEC)is set to complete the necessary procedures to settle its SAR 5.68 billion obligations to the government, according to a bourse disclosure.
The ministerial committee for the Restructuring of the Electricity Sector and SEC approved, on 31 January, a final settlement of legacy disputed amounts related to technical discrepancies in quantities, prices and handling costs of fuel and electric power.
A working group representing the Ministry of Energy, the Ministry of Finance, and the SEC Authority studied the disputed transactions, which amounted to a total of SAR 10.30 billion.
SEC will reclassify the SAR 5.68 billion into the Mudaraba instrument, increasing the total amount to SAR 173.60 billion. The financial impact of this settlement is expected to be reflected in 2024's results.
This decision will enhance the listed company’s capital structure and support its readiness to execute its large-scale investment plans in line with Saudi Vision 2030 objectives.
In the first nine months (9M) of 2024, SEC posted 17.39% higher net profits at SAR 12.14 billion, compared to SAR 10.34 billion in 9M-23.
