Saudi Electricity rises to two year high on earnings expectations

Gains were 'possibly in anticipation of the highest quarterly earnings' that the company is expected to publish
Saudi Electricity rises to two year high on earnings expectations
SHARE SURGE: Saudi Electricity Co surged to its highest level in more than 2 years on investor speculation. (Getty Images)
By Bloomberg
Wed 13 Oct 2010 05:23 AM

Saudi Electricity Co, the state controlled utility, surged to the highest level in more than two years on investor speculation third quarter profit will beat expectations.

The shares surged 3 percent to 15.45 riyals, the highest level since February 2008, at the 3:30 pm close in Riyadh.

The gains were “possibly in anticipation of the highest quarterly earnings that Nomura expects the company to publish,” said Scott Darling, a Dubai based analyst at Nomura International.

The state controlled power producer’s third quarter profit may increase 32 percent to 2.28 billion riyals ($608 million), according to the mean of three analyst estimates on Bloomberg.

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