SEC Posts Profits of SR1.48 Billion

JEDDAH, 22 January 2004 — The Saudi Electricity Company’s net profits last year increased by 38% to SR1.487 billion compared with SR1.077 billion in 2002, Eqtisadia reported. The company’s financial report shows that profits for the fourth quarter of last year increased by 49% to SR612 million compared with SR410 million for the same period last year. Sulaiman Al-Ghadi, executive manager of the company, said that the profit per share had increased from SR1.29 per share in 2002 to SR1.78 per share last year.