Riyadh – Mubasher: The consolidated net profit of Saudi Electricity Company (SEC) leapt 86.87% year-on-year (YoY) to SAR 897 million in the first quarter (Q1) of 2024 from SAR 480 million.

Revenues increased by 18.52% YoY to SAR 15.85 billion in Q1-24 from SAR 13.37 billion, according to the interim financial results.

However, SEC reported a loss per share of SAR 0.31 in the three-month period that ended on 31 March 2024, down from SAR 0.34 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company turned to profitability in Q1-24 after recording a net loss of SAR 91 million in Q4-23, while the revenues shrank 13.97% from SAR 18.43 billion.

In 2023, SEC reported a 32.28% YoY plunge in consolidated net profit to SAR 10.24 billion in 2023 from SAR 15.13 billion.