Saudi Electricity Company said its net profit for the second quarter rose 2 percent to hit SR1.36 billion ($363 million) compared to SR1.34 billion in the same period last year, due to higher energy sales.
Electricity in the world's top oil exporter is heavily subsidised, contributing to soaring power demand among both residential and industrial or business users.
SEC results are heavily influenced by the seasons and its earnings improve during the hotter weather in the second and third quarters when higher air conditioning drives increased electricity consumption.
The utility had posted a first quarter loss of SR583 million in April.
SEC's installed capacity of 50,000 megawatts needs to rise to 80,000 megawatts by 2020, officials have said, at an estimated cost of 400 billion riyals ($106.6 billion).
The company said last month it would buy back a $1.3 billion sukuk issued in 2007.
Majid Al Futtaim acquires full ownership of Carrefour franchise
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Nifty falls below 6,050; Ranbaxy, DLF, BHEL down
The Nifty extended losses for the fourth straight session on Thursday and slipped below 6,050 level as sentiment turned bearish in Asian markets after China's May HSBC flash PMI data shrank for the f
At 1245 hrs, the sensex was down 280 points at 19,782
SBI Q4 net profit falls on lower interest income
State Bank of India, the country's largest lender, posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provi
South Korea Should Maintain Accommodative Policy: Think-Tank
South Korea should retain its expansionary monetary policy stance as the economy is estimated to grow at a slower pace, the state run think tank Korea Development Institute said in a report on Thursd