Saudi Electricity Co (SEC), the Gulf's largest utility firm, reported on Monday its net loss for the fourth quarter almost tripled.
It lost 1.80 billion riyals ($479.4 million) during the three months to Dec. 31, compared to 661 million riyals during the same period of the previous year, it said in a bourse statement.
SEC's results are highly seasonal due to 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.
It made an annual net profit of 3.61 billion riyals, slightly up from 3.04 billion riyals in 2013, the statement added.For all the latest energy and oil 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.
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