RIYADH: Saudi Electricity Co. posted a 10 percent rise in second-quarter net profit on Tuesday after receiving a one-off payment to settle a dispute with the national oil company.
SEC said its net income for the three months to June 30 was SR1.50 billion ($401 million), compared with SR1.36 billion in the same period a year earlier.
Analysts at KSB Capital, an investment company, had forecast SEC would make a net profit of SR1.43 billion.
In a statement to the stock exchange, the company attributed the increase in profit to the non-recurring, SR729 million settlement payment from Saudi Arabian Oil Co. (Saudi Aramco).
SEC posts SR1.50bn profit
