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Saudi Electricity Co (SEC), the Gulf’s largest utility firm, reported a 17.3 per cent drop in second-quarter net profit on Sunday as revenues from electricity services fell and financing costs rose. The company, which the government is aiming to restructure to improve efficiency, made a net profit of 1.85 billion riyals (Dh1.87 billion, $493 million) in the three months to June 30, according to a bourse statement.
That compares with a profit of 2.23 billion riyals in the same period a year earlier. Saudi Arabia’s main sovereign wealth fund, the Public Investment Fund, owns 74 per cent of SEC. The kingdom will consider selling a large stake in SEC to SoftBank Vision Fund, but the Saudi government would retain a controlling shareholding, the utility said in October.
Saudi Electricity Company (SEC) and GE, in a statement, have stressed on the importance of their long-standing partnership for both the companies.
For almost 40 years, SEC and GE have par
Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a US dollar-denominated bond, sources familiar with the matter said.
The state-controlled u
The Saudi Electricity Company (SEC) said that 68 per cent of its purchases, during the past four years, came from 52 local factories, with a growth rate of 720 per cent compared to 2001.
Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board
Times of Oman
The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has
Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that
Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor
The Gulf Today
Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co