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FINANCIAL NEWS
Saudi power and utility firms net profit hit USD986m in Q2
17 Aug 2014
(MENAFN) The listed power and utility firm in the Saudi Arabia have registered a net profit of USD986.38 million in the April-June period, rising 140 percent compared to USD410.55 million in the same period last year, Arab News reported.
The profit growth is attributed to the strong sales of the sector in the year’s second quarter, rising to USD2.91 billion compared to USD2 billion in the January-March period, an increase of 45.2 percent.
The power and utility is mainly composed of two companies: the National Gas and Industrial Company (GASCO) and Saudi Electricity Company (SEC). The capitals of these companies reached at USD199.94 million and USD11.10 billion, respectively.
SEC posted USD973.05 million net profit in the April-June period, up 143.54 percent compared to USD399.88 million in 2013. GASCO’s net profit reached USD10.18 million in the cited period, increasing 1.06 percent compared to USD10.07 million last year.
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