Saudi Electricity: Progress in dealing with financial obligations owed to the...

The Saudi Electricity Company revealed progress in the talks with the concerned government agencies regarding the handling of the financial obligations owed to the government. The company clarified in a statement on Tadawul that it is too early to determine the financial impact on the company, but in the event that the talks conclude with an agreement and the necessary approvals are issued, it is expected that this treatment will have a fundamental role in restructuring the company’s financial position and strengthening its financial position and its ability to borrow. And to provide the service with high efficiency. It indicated that this treatment is not expected to have a material impact on the cash dividends per share, and that it will announce any subsequent developments in this regard if they occur. According to the data, the Saudi Electricity Company announced last January that it had received a telegram from the Ministry of Finance stating that the first step to calculate the budget for the electricity sector was activated, starting from the fiscal year 2019, according to which it was approved to determine the target operating revenues of the company for the fiscal year 2019 at an amount of 65.04 billion riyals. The governor of the Electricity and Cogeneration Regulatory Authority said in previous statements that the debts of the Saudi Electricity Company amounted to about 60 billion riyals, excluding government debts, and that the company would pay them. He stressed that the state continues to support the company by granting it soft loans, reducing the price of fuel, or allowing the company to provide the service on commercial basis, and that the Ministry of Finance pays the bills of municipalities and other government institutions on a regular basis.

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