Finance Ministry approves FY 2019 budget for electricity sector, says Saudi Electricity

Saudi Electricity (SEC) on Tuesday received a telegram from the Ministry of Finance stating its approval for the first step of budget for the electricity sector in fiscal year (FY) 2019, targeting an operating income of SAR 65.04 billion for the same period.

The decision is expected to have a positive impact on financials for FY 2019, with an estimated increase of nearly SAR 1.1 billion in operating income, the Saudi utility firm said in a bourse filing.

It further added that the budget ratification is aimed at achieving a financial balance for the electricity sector as approved by the regulatory authorities annually.

In line with Vision 2030, the budget ratification comes within the framework of regulatory reforms to ensure the sustainability and efficiency of the electricity sector in the Kingdom, SEC stressed.