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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.
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