Saudi Electricity Co chief executive says efforts being made to control costs
Saudi Electricity Co, the state- controlled power producer, expects a percentage revenue increase this year similar to that in 2010, CEO Ali Al-Barrak said on Wednesday.
The company’s revenue “grows 6 percent every year,” Al- Barrak told reporters at the Saudi Economic Forum in Riyadh. “We are trying to control our costs.”
Saudi Arabia, the largest Arab economy, is expanding its electricity capacity to meet a growing population and demand from industry. Power demand will probably increase by eight percent a year, Al-Barrak said on October 4.
Saudi Electricity’s shares dropped as much as 3.6 percent in Riyadh on Wednesday. The stock has lost 12 percent since the start of the year.For all the latest Saudi Arabia 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.