However, SEC reported that the second-quarter losses of SR 275 million ($73 million) were less pronounced than the first-quarter losses of SR 411 million ($110 million) and attributed the improvement to a 21 per cent increase in revenue over the period. SEC said the losses were due to the winter period of poor seasonal electricity demand in the kingdom and that the company’s performance is expected to improve during the summer months of the third quarter.

The company is undergoing a long restructuring process, involving the unbundling of its generation, transmission and distribution facilities, and their establishment as horizontal strategic business units. The process is expected to be completed by the end of the year.