Share

SEC net profit falls by 6pc

Downturn blames on rising cost of purchased energy

Share
SEC third quarter net profits down six per cent.
SEC third quarter net profits down six per cent.

The Saudi Electric Company has announced a six per cent drop in net profits in 2011’s third quarter, which it has attributed to the rising costs of purchased energy.

SEC posted a 2011 third quarter net profit of $587m, down from $613m last year. Analysts had predicted the state-controlled utility to post an increase in profit, but in a statement the SEC said: “The reason for the decline in the third quarter net profit compared to the same period a year earlier, is mainly the rise in costs of the consumption and purchase of energy.”

Earlier this week, the company announced it had signed a $1.44bn deal with an unnamed Saudi Arabian firm for the construction of a 1,200 megawatt power plant in Riyadh.
 

Newsletter

Most Popular