Saudi Electricity Co (SEC), the Gulf's largest utility firm, posted net profit of SR2.67 billion ($711 million) during the third quarter (Q3) of the year, compared to SR2.85 billion ($759 million) during the same period of 2013, marking a decrease of 6.5 per cent.

HSBC had forecast SEC would make a quarterly net profit of SR3.11 billion ($828.5 million).

In a brief bourse 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. It did not elaborate.

The utlity's results are highly seasonal because of 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. – Reuters