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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.
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