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Wed 21 Oct 2015 03:48 PM

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Saudi's state utility posts 9.5% rise in Q3 net profit

Saudi Electricity Co, the Gulf's largest utility, says it made profit of $780m in third quarter of 2015

Saudi's state utility posts 9.5% rise in Q3 net profit

Saudi Electricity Co (SEC), the Gulf's largest utility firm, reported a 9.5 percent rise in third-quarter net profit on Wednesday.

The company made a profit of 2.92 bllion riyals ($780 million) in the three months to Sept. 30, up from 2.67 billion riyals in the same period a year earlier, it said in a bourse statement.

NCB capital forecast Saudi Electricity would make a quarterly net profit of 2.73 billion riyals.

Its results are seasonal because of the big swing between power demand in winter and summer, when high temperatures lead homes and businesses to use air conditioning more.

The company is looking for investment opportunities to offset financial pressures on its core electricity business, its chief executive told Reuters in May.

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