Saudi Electricity Q2 net tops $400 million
Riyadh, July 16, 2013
Saudi Electricity posted a net profit of SR1.50 billion ($401 million) in the second quarter of the year, as against SR1.36 billion in the same period a year earlier, marking a 10 percent rise on Tuesday.
Analysts at KSB Capital, an investment company, had forecast SEC would make a net profit of SR1.43 billion.
In a statement to the stock exchange, the company attributed the increase in profit to the non-recurring, SR729 million settlement payment from Saudi Arabian Oil Co (Saudi Aramco). – Reuters