Saudi Electricity profits surge as more people stay at home

RIYADH: Saudi Electricity said its profits more than doubled last year as more people were forced to stay at home.
Net income rose by 118 percent to SR3 billion (S806 million) as sales gained 5.6 percent to SR68.7 billion, the utilities company said in a stock exchange filing on Tuesday. The company’s performance was also helped by the cancelation of a SR412 million tax expense as a result of a tax law change last year.
While overall electricity sales fell in 2020 as the pandemic forced many companies to shut up shop, the contribution of residential consumption increased.
Saudi Electricity said it would pay out dividends of more than SR2.9 billion — the equivalent of 7 percent.