The profits of the utilities sector listed on the Saudi market, during the first quarter of 2024, increased compared to the comparative quarter of last year, supported by the jump in profits of the Saudi Electricity Company.
The combined profits of companies in the sector amounted to SAR 1.36 billion, compared to SAR 962.2 million, during the same quarter last year. <According to the companies“ disclosures on Tadawul, the consolidated profits of the sector's companies amounted to SAR 1.36 billion, compared to SAR 962.2 million during the same quarter last year. While the net profits of companies listed in the sector increased by 41.10%, equivalent to 395.44 million riyals.
The net profits of companies listed in the sector increased by 41.10%, equivalent to 395.44 million riyals. According to company disclosures, the profits of most companies increased, led by the Saudi Electricity Company, which recorded 897 million riyals, representing about 66.07% of the total profits of the sector, compared to 480 million riyals profits of the company during the comparable quarter of last year, increasing its profits by 86.87%, while the profits of a single company, ”Utilities“, decreased by 60% during the first quarter of this year to reach 42.8 million riyals, compared to 106.72 million riyals in the same quarter last year.
The profits of a single company, ”Marafiq“, decreased by 60% during the first quarter of this year to reach 42.8 million riyals, compared to 106.72 million riyals in the same quarter of last year. In terms of quarterly performance, the utilities sector recorded a jump in net profit compared to the fourth quarter of last year by 115%, reaching 632.56 million riyals during Q4 2024.
Total revenues of the companies increased by 60% during the first quarter of this year to reach 42.8 million riyals, compared to 106.72 million riyals in the same quarter last year.
The total revenue of companies listed in the Public Utilities sector increased by 16.08% to 19.87 billion riyals, during the first quarter of this year, compared to 17.12 billion riyals during the same quarter of 2023.
