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FINANCIAL NEWS
Saudi Electricity posts $293m profit in Q2
20 Jul 2010
(MENAFN) Saudi Electricity Co (SEC), the largest listed utility in the Gulf, said that its net profit surged to $293 million in the second-quarter from a net profit of $190.7 million a year earlier mainly on higher revenue and lower costs.
SEC, whose major shareholder is the Saudi government, typically posts losses in the cooler months and swings to profit during the intense heat of the summer.
The firm experienced a net loss of $208.5 million in the first-quarter of 2010 due to higher operational costs to meet growing demand in the kingdom.
SEC was forcast to invest $80 billion over the next 10 years to add 20,000 megawatts of power generation capacity.
More News
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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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