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FINANCIAL NEWS
Saudi Elect Co. profit drops by 28 percent in Q2
20 Jul 2016
(MENAFN) Saudi Elect Co. (SEC), the largest utility firm in the Gulf area has posted a 27.7 percent drop in Q2 net profit over the same period last year.
Additionally, the government aims to restructure the firm in order to improve efficiency, which made a net profit of USD381.3mn in the cited period.
Furthermore, the kingdom decided last year to raise electricity, water and fuel prices to alleviate the burden of subsidies on its budget.
Meanwhile, the authorities also planned to divide SEC into four parts by the end of this year, to enhance the firm’s efficiency.
More News
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
25 May 2025
BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
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