SEC said its net income for the three months to June 30 was $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).For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.