State-controlled Saudi Electricity Company has posted a decline in net profit despite higher demand, as operating and maintenance costs increased.

Net profit for the second quarter of the year reached SAR5.5 million, down by 5.6% compared to SAR5.8 million a year ago, the company said in a statement on the Saudi Stock Exchange (Tadawul) Monday. Total comprehensive income dipped 3% to SAR5.7 million.

Total sales/revenues stood at SAR19.4 million, up by 4.4% from the same period last year.

H1 2022 results

For the first six months of 2022, net profit fell 6.6% to SAR7 million, while total comprehensive income slipped 0.14% to SAR7.7 million.

“[The] net income decrease… is mainly attributable to higher operations and maintenance costs, as well as higher booked receivable provisions due to increased average ageing,” the company said.

“This is despite higher operating revenue that partially offset the increase in operating costs driven by growing demand for electric power.”