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Wed 2 Mar 2011 06:30 PM

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Saudi power giant sees revenue increase in 2011

Saudi Electricity Co chief executive says efforts being made to control costs

Saudi power giant sees revenue increase in 2011
POWER SURGE: Saudi Electricity Co expects an increase in profit in 2011. (Getty Images)

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.

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