Sales of listed power firms up by 6% to SR37.5 billion

Sales of listed power firms up by 6% to SR37.5 billion
Updated 01 July 2014

Sales of listed power firms up by 6% to SR37.5 billion

Sales of listed power firms up by 6% to SR37.5 billion

The power sector comprising the two listed companies, Saudi Electricity Company (SEC) and the National Gas and Industrial Company (GASCO), registered a 6 percent increase in sales to reach SR 37.46 billion in 2013 compared to SR 35.4 billion in 2012, according to a financial report.
However, sales of the power sector in the first quarter of the current year dropped by 12.4 percent to SR 7.53 billion compared to SR 8.6 billion in the same period last year, the report, carried by Al-Hayat daily, said.
In the mean time, net losses of the sector rose by 42 percent to SR 879.5 million in Q1, 2014, compared to SR 620.7 million in Q1 2013, the report said.
The capitals of the two listed companies, SEC and GASCO, stood at SR41.66 billion and SR750 million, respectively. The market capitalization of both firms is worth SR68 billion, or 3.5 percent of the market value of the capital market.
Performance of the power firms varied based on the conditions of each company, in terms of capitals and activities. The SEC posted net losses of SR 913 million in Q1, 2014, compared to SR 657 million in Q1, 2013, or an increase of 38.96 percent. The company attributed the losses to climatic seasonal factors where it normally realizes bigger revenues in the summer season, which come down in winter.
Profits of the company grew to SR3.04 billion in 2013 compared to SR 2.56 billion in 2012, the report said.
On the other hand, GASCO realized profits worth SR33.5 million in Q1, 2014, compared to SR36.3 million in Q1, 2013, or a decrease of 7.71 percent, the report said.