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Saudi Energy Q2 profit drops to 4.89B
Saudi Energy Company announced its half-year financial results for 2026, recording a net profit of 6.72 billion riyals for the first half, representing a 7.53% increase compared to the same period last year. However, second-quarter profits declined by 7.43% to reach 4.89 billion riyals in comparison to the same quarter of 2025, due to higher operating and maintenance expenses resulting from the expansion of the asset base and efforts to ensure reliable electricity service, as well as increased financing costs stemming from new borrowings to fund capital expenditure plans. Despite these cost pressures, revenue continued to grow by 10.54%, driven by seasonal demand for electricity during the summer. Sales reached 30.86 billion riyals, marking an annual increase of 11.33%.
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