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SEC sees second quarter profit surge by 144%

Saudi power provider more than doubles earnings after one-off gain.

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SAUDI, Sec, News

Saudi Electricity Co (SEC) reported a 144% jump in net profit for the second quarter thanks to a huge one-off gain.

It booked earnings of SAR 3.66 bn ($976 mn) for the three months to June 30, compared to SAR 1.5 bn during the corresponding period of last year, it said in a statement to the Saudi stock exchange.

The rise jump was the result of a SAR 2.63 bn gain as the company wrote back provisions for doubtful receivables from subscribers, it said.

Saudi Arabia’s Electricity and Cogeneration Regulatory Authority (ECRA) said last week that over SAR 500 bn ($133.3bn) needs to be spent on power generation, transmission and distribution projects in the country in the coming years.

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