20 Hrs
Source:
الاقتصادية
Utility costs cause 46M riyal loss
Mawarif Electricity and Water Company in Jubail and Yanbu shifted from profitability to losses in the second quarter of the year, recording a loss of 46.5 million riyals compared to a profit of 110 million riyals in the same period last year, due to increased fuel and transportation costs. Revenues also declined unexpectedly as a result of adjustments to the tariff for heavy electricity consumption. Despite this, the company reported a 22% increase in quarterly revenues, reaching 1.7 billion riyals, following non-recurring impacts on prices and tariffs, which included issuing credit notices to customers after the tariff adjustments. Additionally, the completion of the closure of a project to develop an industrial water treatment plant was announced. The company operates in various sectors including water and electricity supply and waste management, with a market value of 10 billion riyals, shared by several major entities in Saudi Arabia.
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