Saudi Electricity Q2 profit jumps 144pc
Riyadh, July 21, 2014
Saudi Electricity Co (SEC) , the Gulf's largest utility firm, reported a 144 percent jump in its net profit for the second quarter on Monday, beating analysts' forecasts because of a one-time gain.
It made 3.66 billion riyals ($976 million) during the three months to June 30, compared to 1.50 billion riyals during the same period of the previous year, it said in a bourse statement.
Two analysts polled by Reuters had forecast, on average, that SEC would post a quarterly profit of 1.19 billion riyals.
The net profit jump was the result of a 2.63 billion riyal gain as the company wrote back provisions for doubtful receivables from subscribers, it said without elaborating.
SEC's results are highly seasonal because of big swings between power demand in winter and in summer, when high temperatures lead most homes and businesses to rely on extensive air conditioning.-Reuters