Saudi Electricity says Q2 profit slightly lower

Saudi Electricity says Q2 profit slightly lower
Published: 22 July 2017 - 12:17 a.m.

By Reuters

State-controlled Saudi Electricity Co (SEC) reported a slight decline in its second-quarter net profit due to a rise in consumption expenses and energy purchased from private producers, it said on Wednesday.

The company, the largest electricity producer in Saudi Arabia made a net profit of 2.23 billion riyals ($594.6 million) in the three months to June 30, according to a bourse statement.

That compares to 2.24 billion riyals in the same quarter a year ago.

Its revenues, however, for the period inched higher to 13.30 billion riyals compared to 13.19 billion riyals year ago.

Like most Saudi publicly listed firms, SEC adopted IFRS accounting standards in January this year. The company said some of its figures have been restated as a result.

SEC generates power on its own and also through private power producers.

The company said the slight "increase in operational revenues did not offset a rise in consumption expenses and the energy bought from private power producers."

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