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FINANCIAL NEWS
Saudi Electricity reports USD363m profit in Q2
19 Jul 2012
(MENAFN) Saudi Electricity Company (SEC), the largest utility in the Middle East, reported two percent increase in quarterly profits on higher sales, Reuters reported.
The company said it made USD363 million net profit in the second quarter, up from USD357.26 million a year ago.
SEC heavily benefited from the summer season to improve its earnings, the hotter weather in the second and third quarters prompts higher air conditioning usage which increased electricity consumption.
Electricity in the world’s top oil exporter is heavily subsidized, contributing to soaring power demand among both residential and industrial or business users.
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