Saudi state utility says Q4 net loss almost triples

Saudi Electricity Co posts losses of nearly $480m during the three months to Dec 31
Saudi state utility says Q4 net loss almost triples
(Getty Images - for illustrative purposes only)
By Reuters
Mon 19 Jan 2015 07:10 PM

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.

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