Saudi Electricity posts $610m income in Q3

19 Oct 2010

(MENAFN) Saudi Electricity Co., the Arab world’s biggest utility, said that its net income has advanced by 34 percent to $610 million in the third quarter of 2010, up from $431 million a year earlier, Reuters reported.

The company said its net profit for the three months ending Sept. 30 was 117 percent higher than the second quarter of 2010, when it recorded a net profit of $285 million.

For the first nine months of the year, net profit hit $693 million, compared with $445 million a year earlier, a 55-percent rise.

The company attributed the third quarter rise to stronger sales and improved tariffs on sales to government, industrial and commercial buyers.

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