Saudi Arabia-listed energy and utilities companies lose SAR 1.9bn
The energy and utilities service sector companies listed in the Saudi Arabia stock exchange suffered big losses of up to SAR1.898 billion during the first quarter of this year.
This represents an increase of 116 per cent or SAR1.02bn in the losses, compared with a loss of SAR879.5 million for the same period last year, reports Saudi Arabia-based Al-Hayat.
The energy and utilities service sector’s losses during the first quarter came despite a growth of 6 per cent in revenues, which is equivalent to SAR439m, reaching SAR7.96bn from SAR7.53bn for the first quarter of 2014.
The sector consists of two companies, the Saudi Electricity Company, which is the largest listed company in terms of capital, estimated at SAR41.66bn, accounting for more than 8.3 per cent of the market, as well as the National Gas and Industrialisation Company, which has a capital of SAR750m, spread over 75m shares.
The market value of the two companies amounts to SAR86bn, representing 4 per cent of the Saudi market, with a total capital of SAR42.4bn.
During the first quarter of 2015, the energy and utilities service sector ranks second from last among the listed sectors in the Saudi stock exchange in contribution to the liquidity traded, reaching 0.91 per cent or SAR5.21bn.
(SAR1 = $0.27 at the time of publishing)