SEC almost triples fourth quarter deficit
Saudi Electricity Company loses almost $500mn in the three months to 31 December.
Saudi Electricity Co (SEC) almost tripled its fourth quarter loss, the company has announced.
It lost SAR 1.80bn ($479.4 mn) during the three months to December 31, compared to SAR 661mn during the same period of the previous year, it said in a statement to the stock exchange.
SEC's results are highly seasonal due to the big swing between power demand in winter and in summer, when high temperatures lead most homes and businesses to rely on extensive air conditioning.
It made an annual net profit of SAR 3.61bn, slightly up from SAR 3.04bn in 2013, the statement added.