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FINANCIAL NEWS
Saudi Electricity Co reports USD768m profit in Q3
17 Oct 2012
(MENAFN) Saudi Electricity Company (SEC) reported a 32 percent increase in quarterly earnings on higher energy sales and limits on the sales tariff, Reuter reported.
Middle East’s largest utility said it made USD768 million net profit during the third quarter, up from USD579.91 million a year earlier.
The performance also marked a strong rise in profits from the previous quarter in a sector with strong seasonal variation between summer and winter electricity demand, the company said.
Quarterly operating profits grew by 31 percent to USD741.75 million from USD566.6 million a year earlier, the company said.
SEC is currently working on restructuring its operations pending further privatisation of its operating units.
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