Saudi Electricity reports third quarter profit rise

20 October 2010

Saudi Electricity Company (SEC) reports 34 per cent rise in profit

Saudi Electricity company (SEC), the Gulf’s largest utility by market value, has recorded a 34 per cent rise in net profit during the third quarter, due to an increase in electricity tariffs and higher power demand furing the hot summer months, Reuters has reported. SEC made SR2.32bn ($618m) in the three months to September 30, which was the company’s highest ever quarterly net profit since its inception 11 years ago.

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