Saudi's state utility narrows Q4 losses by 39%

Saudi Electricity Co says it loss $176m in the three months to December 31
Saudi's state utility narrows Q4 losses by 39%
(Getty Images - for illustrative purposes only)
By Reuters
Fri 17 Jan 2014 10:43 AM

Saudi Electricity Co (SEC) has said its net loss for the fourth quarter narrowed by 39 percent as it did not repeat costs aimed at improving productivity incurred in the same quarter last year.

The firm lost SR661 million ($176 million) in the three months to Dec 31, compared to SR1.1 billion during the same period of the previous year, it said in a bourse statement.

KSB Capital Group had forecast that SEC would record a net loss of SR1.12 billion for the quarter, while NCB Capital forecast it would lose SR641 million.

The company said its net profit for the 12 months of 2013 was SR3.04 billion, up 18.6 percent from SR2.56 billion in 2012, citing a one-off payment to settle a dispute with the national oil company it received in the second quarter for the rise.

SEC is planning a riyal-denominated Islamic bond issue later this year, but it has not yet said how much the issue will be worth.

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