Saudi Electricity profit up 144 percent in Q2

22 Jul 2014

(MENAFN) Net profit of Saudi Electricity Co. (SEC), the Gulf’s largest utility firm, grew more than expected by 144 percent in the second quarter of the current year, according to Arab News.

The company’s net profit was estimated at USD976 million during the quarter compared to USD399 million during the same period in 2013.

Two analysts polled by Reuters had forecast, on average, that SEC would post a quarterly profit of USD317 million.

SEC’s high profit is believed to be resulted from big changes between power demand in winter and in summer, when high temperatures cause most homes and businesses to rely on extensive air conditioning.

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