Industry, Logistics & Shipping

Saudi Electricity suffers net loss in Q2

Saudi Electricity Company (SEC) has announced a net loss after zakat and tax of SR869 million for the second quarter of 2020, compared to a profit of SR789 million during the same period last year.
 
The total revenues were SR16.668 billion, compared to SR16.52 billion in Q2 2019.
 
Net losses in the current quarter, compared with a profit in the same prior year quarter, is mainly attributable to non-recurring items, the company said in a filing to Tadawul, Saudi sotck market.
 
The non-recurring items are:
* Recording of a settlement of fuel dues differences to Saudi Armco of SR597 million relating to the supply of light fuel oil rather than heavy fuel oil to one of the company’s power plants;
* A change in the sales mix towards higher residential and lower commercial, governmental and industrial consumption during the Covid-19 pandemic lockdown period, which led to an increase of SR477 million in the government fee costs. 
* Higher power costs and higher finance charges. - TradeArabia News Service