Saudi utility posts 1% fall in Q3 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Back in business

Back in business

Iran’s tankers are back on the oceans as sanctions on the Islamic...

A new future for Saudi Arabia?

A new future for Saudi Arabia?

The vast Wadd Al Shimal phosphate mine in the north of Saudi...

Will shale shake the Middle East?

Will shale shake the Middle East?

The debate over shale’s impact on the GCC continues. Will this...

Most Discussed
  • 17
    Germany puzzled as UAE think tank ordered to close

    Matt, your words sound kind of funny given the role the Britain has played in this region for so many decades.
    And given the democratic tradition that... more

    Thursday, 17 April 2014 7:10 PM - one of the joes
  • 11
    What will happen next to Dubai's property market?

    I purchased 1 bed from Emaar in 2008 for 2,5 in Downtown, the current selling price is nowhere near the original price in my case as current selling value... more

    Sunday, 20 April 2014 11:56 AM - Alex
  • 6
    Ten days added to UAE school calendar

    Reducing holidays so that teachers work the same days as other schools in the world makes sense. However most teachers in the UAE work about 3 hours extra... more

    Saturday, 19 April 2014 12:53 PM - Expat sense
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams