Saudi Electricity Company says income dropped to $761m as power generation capacity rises
Saudi Electricity Company posted a 1 percent fall in third-quarter net profit, missing analysts' forecasts, as its power generation capacity increased.
Profit fell to SR2.853bn ($761 million) in the three months ended September 30, from SR2.875bn in the same period a year earlier, the utility said in a bourse statement on Sunday.
Two analysts polled by Reuters had forecast SEC would have profits of more than SR2.9bn.
Operational income dipped 3 percent to SR2.74bn.
SEC's long-serving chief executive, Ali bin Saleh Al-Barrak, resigned in August and was replaced with Ziad bin Mohammed al-Shiha, who had served as a manager at state-owned oil giant Saudi Aramcoand called for efforts to make power generation more efficient.
Also in August, the company signed a contract with South Korea's Hyundai Heavy Industries Co Ltd. (HHI) for construction of a SR12.2bn power plant in Shuqaiq.
SEC's results are highly seasonal due to the wide variation between summer and winter electricity demand.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.