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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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12 May 2025
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04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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