RIYADH: Shares in Saudi Electricity Co. rose on Monday following the appointment of Khalid Hamad Algnoon as CEO, a bourse filing revealed.
Shares of the company increased 3.12 percent to reach SR22.50 ($6) at the closing bell.
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.
It saw its 2021 net profit soar to SR14.4 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.
