RIYADH: Saudi Electricity Co. fell on Wednesday after posting a decline of 10 percent in quarterly profit, as rising costs squeezed its operating profit.
Shares of the state-owned utility provider were down nearly 8 percent to SR24.7 ($6.58) at the closing bell.
Its net profit fell to SR1.5 billion last quarter, down from SR1.7 billion in the same period a year earlier, according to a bourse filing.
The company attributed the results to higher fuel costs, adding that operating and maintenance costs increased due to higher electricity demand.
Despite that, revenues nudged higher by 1.4 percent to SR13.5 billion from the same quarter a year earlier.