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SEC to pocket $400mn from Saudi Aramco

Saudi Electricity Co to receive payment from compatriot for grid use.

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Sec, News

Saudi Electricity Co (SEC) will receive a payment of SAR 1.5 bn ($400 mn) from oil giant Saudi Aramco as settlement of claims for using its electricity transmission systems.

The settlement covers payments due between 2007 and 2013, the company said in a stock exchange filing.

Payment will affect cash flow and reduce consumer receivables in the third quarter of 2014, it said.

Earlier this week Saudi Electricity Co reported a 144% leap in its net profit for the second quarter thanks to a one-off gain.

It made SAR 3.66 bn ($976 mn) during the three months to June 30, compared to SAR 1.5 bn during the same period of the previous year, it revealed in its earnings statement.

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