Share

SEC posts 6.5% drop in Q3 net earnings

Saudi power company books $710mn profit in three months to 30 September.

Share
Riyadh
Riyadh

Saudi Electricity Co (SEC), the Gulf's largest utility firm, posted a 6.5% drop in third-quarter net profit on Sunday.

It made SAR 2.67bn ($711.7mn) during the three months to September 30, compared to SAR 2.85bn during the same period of the previous year, it said in a bourse statement.

HSBC had forecast SEC would make a quarterly net profit of SAR 3.11bn.

In a brief statement, SEC attributed the drop in profit to the implementation of an agreement for oil giant Saudi Aramco to use its transmission system in July 2014. It did not elaborate.

Newsletter

Most Popular