30/07/2018 07:44 AST

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.


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SEC, GE stress on long-standing partnership

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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

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Saudi Electricity Co in talks for international bond issue

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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

Gulf News

68pc of SEC purchases from local factories

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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.

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DANAH 46.60 48,475
SARCO 42.30 227,758
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NGIC 25.00 -0.30 (-1.19%)
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