Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
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Saudi Electricity Company Announces 2023 Financial Results 

The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)
The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year. (SEC)

The Saudi Electricity Company (SEC) issued on Wednesday the financial results for 2023. The company reported operating revenues of SAR75.3 billion, a 4.5% increase over the SAR72.0 billion in the previous year.

The company attributed the revenue increase to several factors, including a 5% rise in electricity demand in 2023, continued growth of subscriber base, revenue increase in the transmission system, and Dawiyat Integrated Telecom Company (fully owned by SEC) revenue growth.

Additional revenue came from developing substations and transmission lines for the company customers.

The results show a net profit of SAR10.2 billion in 2023, down from SAR15.1 billion the previous year. The company cited higher financing costs due to global interest rates and additional capital project funding, non-recurring expenses, increased operations and maintenance costs due to growing business and operating assets, and costs related to carrying out substation and transmission projects as reasons for the decrease.

The decline in net profit was partially mitigated by higher operating revenues and lower bad debt provision due to improved collection activities in 2023 compared to the previous year.

Commenting on the results, SEC CEO Eng. Khaled bin Hamad AlGnoon stated: "We strive to be strategic partners in achieving progress and prosperity in the Kingdom's electricity sector. We are investing in the present and future to achieve sustainable development and meet the needs of investors, subscribers, and the communities we serve."

AlGnoon highlighted the 2023 company achievements, including significant growth in power generation capacity, network expansion, and investments in new ventures like fiber optics and electric vehicle infrastructure.

These initiatives, he emphasized, aim to improve the quality of services and reliability, and support future growth opportunities.

He acknowledged the crucial role of the government and its ongoing support in the drive to overcome challenges and improve services for subscribers.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.