The Clap
The Saudi Electricity Company (5110) witnessed a 13.6% decline in its net profit during Q3 2022, compared to the same period of the previous year.
The Deets
The company attributed the decline in net profit to the increase in the costs of energy, financing costs, and lower income from discontinued operations.
So What
The company’s operating income jumped due to increased demand for electric power, increased revenues from the optical fiber leasing company, and other revenues.
Now What
Saudi Electricity’s net profit fell by nearly 10% YoY during the first nine months of this year.
