Saudi Electricity Q2 profit soars to $363m


Saudi Electricity Co. - SECO
13.05 0.10 0.77%
19/07/2012 23:18 AST  Reuters
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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.

Profile: Saudi Electricity Co. (SECO)
Saudi Electricity Co. - SECO
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