SEC Net Profit Jumps 322 Percent

RIYADH, 18 July 2005 — Saudi Electricity Co. (SEC) said yesterday that its first-half net profit rose 322 percent to SR239.5 million ($63.87 million) from SR56.7 million in the same period last year. SEC gave no further details in its announcement, which was posted on the Saudi stock market website.

SEC stock, which was already 3.1 percent down on the day before the announcement, slipped further to SR112 at 1430 GMT, or 7.25 percent down since Saturday’s close. SEC reported a first quarter loss this year of SR303 million, five percent less than last year, suggesting net profit in the second quarter was around 542 million riyals.