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FINANCIAL NEWS
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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