Saudi's power utility posts 6.5% drop in Q3 net profit

Saudi Electricity Co says it made $711m in the three months to September 30
Saudi's power utility posts 6.5% drop in Q3 net profit
(Getty Images - for illustrative purposes only)
By Reuters
Sun 26 Oct 2014 06:48 PM

Saudi Electricity Co (SEC) , the Gulf's largest utility firm, posted a 6.5 percent drop in third-quarter net profit on Sunday.

It made SR2.67 ($711.7 million) billion during the three months to Sept. 30, compared to SR2.85 billion during the same period of the previous year, it said in a bourse statement.

HSBC had forecast SEC would make a quarterly net profit of SR3.11 billion.

In a brief statement, SEC attributed the drop in profit to the implementation of an agreement for oil giant Saudi Aramco to use its transmission system in July 2014. It did not elaborate.

The utlity's results are highly seasonal because of the big swing between power demand in winter and in summer, when high temperatures lead most homes and businesses to rely on extensive air conditioning.

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