SEC Q2 net profit up 25%
Saudi Electricity Company announces $356m Q2 profit
The Saudi Electricity Company (SEC) has reported a 25 per cent rise in it Q2 net profit in a statement posted on the bourse.
SEC announced a net profit of $356m to end-June, compared to a profit of $291 in the same period last year.
“The rise in net profit for the first six months is due to a tariff adjustment for the government, commercial and industrial sectors as well as an increase in energy sales,” the statement said.
The company, which is struggling to keep power generation in line with rising population and industry, will add more than 1,800 megawatts of power to the grid this year, and expects to add a further 11,000 megawatts by 2016.
Recently, an $80 billion spend was announced in an attempt to boost generating capacity by 2020, following the news that demand for power in the Kingdom is growing by up to eight per cent per year.