18 Hrs
Source:
الاقتصادية
Facilities shifted from profit to 46M riyal loss
Mawarikh Electricity and Water Company in Jubail and Yanbu has shifted from profitability to a loss during the second quarter of this year, recording losses of 46.5 million riyals compared to a profit of 110 million riyals in the same period last year. The company attributed this to an increase in fuel costs by 40 million riyals, electricity transmission costs by 15 million riyals, a decrease in other operational revenues by 15 million riyals, as well as the impact of a one-time adjustment of 62 million riyals related to the heavy electricity consumption tariff. Despite this, the company achieved a 22% increase in quarterly revenues to 1.7 billion riyals, primarily due to the adjustment of the non-recurring consumption tariff, which had previously reduced revenues by 434 million riyals in the same quarter of the previous year. Revenues of the "Tawrid" company and the water sector were also affected by a decline in demand from industrial customers. These results follow the adjustment of the electricity consumption tariff for non-qualified entities, which led to a revenue decrease of 476 million riyals. In the first quarter, Mawarikh recorded growth in its profits of over 72%.
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