Saudi Electricity Company (SEC) on Sunday announced that the Arabian American Oil Company (Aramco) will start receiving future dividends from the company.
The action comes after the cabinet’s decision stipulated that dues owed to Saudi Aramco will be settled from its profit share in SEC for the period as of the inception of the utility until 10 September, according to a filing to the Saudi Stock Exchange (Tadawul).
Aramco’s paper dues will be transferred to the Saudi finance ministry without any cash payments, the company noted, adding that these amounts will go under SEC’s comprehensive transformation programme.
The company said that the Saudi government has waived its share in dividends for a period of ten years since the company’s inception.
It is worth noting that SEC’s profits dropped 91.2% to SAE 633 million in the first half of 2018, from SAR 7.17 billion in H1-17.
By the end of Thursday’s session, SEC’s stock rose 0.13% at SAR 15.62.