Saudi Electricity Company says income dropped to $761m as power generation capacity rises
Saudi Electricity Company posted a 1 percent fall in third-quarter net profit, missing analysts' forecasts, as its power generation capacity increased.
Profit fell to SR2.853bn ($761 million) in the three months ended September 30, from SR2.875bn in the same period a year earlier, the utility said in a bourse statement on Sunday.
Two analysts polled by Reuters had forecast SEC would have profits of more than SR2.9bn.
Operational income dipped 3 percent to SR2.74bn.
SEC's long-serving chief executive, Ali bin Saleh Al-Barrak, resigned in August and was replaced with Ziad bin Mohammed al-Shiha, who had served as a manager at state-owned oil giant Saudi Aramcoand called for efforts to make power generation more efficient.
Also in August, the company signed a contract with South Korea's Hyundai Heavy Industries Co Ltd. (HHI) for construction of a SR12.2bn power plant in Shuqaiq.
SEC's results are highly seasonal due to the wide variation between summer and winter electricity demand.