Saudi Electricity Company profit slides 17% as revenues fell

Saudi Electricity Company, the Arabian Gulf’s largest utility firm, reported a 17.3 per cent drop in second-quarter net profit on Sunday as revenues from electricity services fell and financing costs rose.

The company, which the government is aiming to restructure to improve efficiency, made a net profit of 1.85 billion Saudi riyals (Dh1.81bn) in the three months to June 30, according to a bourse statement.

That compares with a profit of 2.23bn riyals in the same period a year earlier.

The results fell short of two analysts’ forecasts. SICO Bahrain had expected a net profit of 2.11bn riyals, while NCB Capital forecast a net profit of 2.15bn riyals.

Published in The National, 29th July, 2018