Font Size

- Aa +

Mon 17 Jan 2011 07:56 PM

Font Size

- Aa +

Saudi Electricity trims Q4 loss as power rates hiked

Helped by higher power tariffs SEC doubled its full-year net profit to $613.2m

Saudi Electricity trims Q4 loss as power rates hiked
Company raised tariffs in July 2010 as part of the governments efforts to help its power utility respond to growing electricity demand(Getty Images)

State-controlled Saudi Electricity Co (SEC) said on Monday it trimmed its fourth-quarter loss to $78.7m, helped by higher power tariffs.

SEC posted a net loss of $141.8m in the year-earlier period, but reported a record net profit of $615.9m in the third quarter.

SEC usually posts a loss during the winter as the use of air-conditioners drops in the desert kingdom.

The Gulf's largest utility doubled its full-year net profit to $613.2m on higher revenue as the firm sold more power and benefited from amended electricity tariffs for government, commercial and industrial users, it said in a bourse statement.

It did not provide revenue figures.

The company raised tariffs in July 2010 as part of the government's efforts to help its power utility respond to electricity demand growing at an annual 8 percent, requiring investments of close to $80bn by 2018.

SEC made $303.9m in net profit in 2009, it said in the statement.

SEC, with an installed capacity of 50,000 megawatts, plans to add 12,752 MW of power from 2012 to 2016, it said in December.

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.