Saudi Electricity posts 32% rise in Q3 net profit

State utility beats analyst forecasts; says $768m profit due to higher energy sales
Saudi Electricity posts 32% rise in Q3 net profit
Electricity pylon
By Reuters
Tue 16 Oct 2012 05:29 PM

Saudi Electricity Company posted a 32 percent rise in third-quarter net profit
on Tuesday, beating analyst forecasts.

The utility attributed the net income of SR2.88bn ($768m)
to higher energy sales and limits on the sales tariff in a bourse statement.

The performance also marked a strong rise in profits from the previous
quarter in a sector with strong seasonal variation.

Four analysts polled by Reuters forecast the company would earn, on average,
SR2.27bn in the three months to September 30.

The partly state-owned monopoly holder is working to restructure its
operations pending further privatisation of its operating units.

Its results are highly seasonal due to the wide variation between summer and
winter electricity demand in the sweltering desert kingdom.

The company benefits from very cheap energy feedstock supplied by Saudi
Arabian Oil Co (Saudi Aramco).

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