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Wed 17 Jul 2013 10:02 AM

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Saudi Electricity posts 10% profit rise on Aramco payment

SEC said its net income for the three months to June 30 was $401 million

Saudi Electricity posts 10% profit rise on Aramco payment
Saudi Electricity Company said its net income for the three months to June 30 was 1.50 billion riyals ($401 million).

Saudi Electricity Company posted a 10 percent rise in second-quarter net profit on Tuesday after receiving a one-off payment to settle a dispute with the national oil company.

SEC said its net income for the three months to June 30 was 1.50 billion riyals ($401 million), compared with 1.36 billion riyals in the same period a year earlier.

Analysts at KSB Capital, an investment company, had forecast SEC would make a net profit of 1.43 billion riyals.

In a statement to the stock exchange, the company attributed the increase in profit to the non-recurring, 729 million riyal settlement payment from Saudi Arabian Oil Co (Saudi Aramco).

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