Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 31-03-2024 (Three Months)

Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 31-03-2024 (Three Months)

Element List Explanation The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year, is mainly attributed to: 1) the increase in required revenue recognized during the current quarter, due to an increase regulated weighted average cost of capital (Regulatory WACC) and growing regulated asset base (RAB), and growing demand for electric power and continued growth in subscribers’ base, 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers, and 3) higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection. The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The increase in net profit of the current quarter compared to the corresponding quarter of the previous year is mainly due to: 1) the increase in required revenue recognized during the current quarter attributed to increased Regulatory WACC and