Definitely a sloppy quarter but a wealthy year
Saudi Electricity losses increased by 62.15% during Q4 2016 as compared to the same period a year earlier. Q4 2016 losses deepened to a total of SAR2.34bn from SAR4.45bn. However, the company reported 2016 net profit of SAR2.113bn as against SAR1.544bn in 2015 implying an increase of 36.9%. 2016 total revenues increased by 20.2% to SAR49.9bn, which was mainly driven by growth in electricity sales, electricity connection tariffs and other operating revenues.Saudi Electricity is an electric company based in Saudi Arabia. Co. is a major provider of electric power all over the Kingdom of Saudi Arabia, serving governmental, industrial, agricultural, commercial sectors, and residential consumers. Co. is a tariff regulated (subject to tariff control) electricity company. Electricity tariffs are determined by the Council of Ministers based on recommendations from the Electricity and Co-generation Regulatory Authority.
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