Saudi Electricity Company (SEC) reported a third quarter net profit of SR4.40bn ($1.17bn), up 51% higher on the SR2.92bn ($779mn) for third quarter 2015, and 209% higher than the SR1.43bn ($380mn) reported for second quarter 2016. Net profit for the first three quarters of 2016 was SR4.46bn ($1.19bn), 50.95% higher than the SR2.95bn ($787mn) for the same period in 2015.
In a statement to the Saudi Stock Exchange (Tadawul), SEC attributed the more than 50% increases in year-on-year net profits to “increased operating income and improved efficiency in spite of high fuel prices.” Less surprising was the major hike in profits in the third quarter compared with the second, which stems from increased seasonal sales during the normal peak electricity demand season. (CONTINUED - 625 WORDS)
