Saudi Energy Q2 profit hits 4.9B Riyals

Saudi Energy Company achieved profits of 4.89 billion riyals during the second quarter of the year, marking a 7.4% decrease year-on-year. Despite this, revenues rose by 11.3% to 30.86 billion riyals, driven by an expanded asset base and increased recoverable costs, along with seasonal demand for electricity during the summer. Net profit soared by 167% compared to the first quarter, reaching the same amount, due to heightened energy demand and asset expansion. During the first half of the year, revenues increased by 10.5% to 52.2 billion riyals, while net profit remained stable at 6.72 billion riyals, with earnings per share rising by 17.8%.

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