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FINANCIAL NEWS
Saudi’s SEC net profit down 6.5 percent in Q3
27 Oct 2014
(MENAFN) Saudi Electricity Co (SEC), the Gulf’s largest utility firm, said that it registered a drop in its net profit by 6.5 percent during the July-September period of this year, Arabian Business reported.
During this year’s third quarter, the company said it registered USD711.7 million billion, compared to USD 775.83 million during the same period of the previous year.
SEC attributed the drop in profit to the implementation of an agreement for oil giant Saudi Aramco to use its transmission system in July 2014 though it did not elaborate on how this deal negatively affected its net profit.
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