RIYADH: Saudi Electricity Co. board has approved the appointment of Khalid Hamad Algnoon as its CEO as of June 20, a bourse filing reveals.
The utility company previously reported a massive jump of 375 percent in annual profits due to continuous “implementation of regulatory and financial reforms in the electricity sector,” it said.
The utility company saw its 2021 net profit soar to SR14.4 billion ($3.84 billion), up from SR3.03 billion a year earlier.
In the first quarter of this year, its net profit slightly retreated to SR1.5 billion as opposed to SR1.7 billion in the prior-year period due to higher costs.
Shares of the company rose 0.28 percent to SR21.88, as of 10:49 a.m. Saudi time.