SEC's profit increases 50%

RIYADH: Saudi Electricity Co.
(SEC) posted a better-than-expected 50 percent rise in second-quarter net profit on lower costs and higher revenues, and further gains are expected after a rise in power tariffs for some users.

Updated 20 July 2010 01:44

REUTERS

July 20, 2010 01:44

The Gulf's largest utility by market value made SR1.07 billion, or SR0.26 per share, in the three months to end-June, compared with SR715 million, or SR0.17 a share, a year earlier, it said in a statement to the Saudi bourse.