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SEC records 1% fall in third quarter profit

Saudi Electricity Company disappoints forecasters with $761m gains

SEC's power generation capacity rose during 2013 Q3.
SEC's power generation capacity rose during 2013 Q3.

Saudi Electricity Company (SEC) posted a 1% fall in third-quarter net profit, missing analysts’ forecasts.

Profit fell to SAR 2.853bn ($761 million) in the three months ended September 30, from SAR 2.875bn in the same period a year earlier, the utility said in a bourse statement on Sunday.

Two analysts polled by Reuters had forecast SEC would have profits of more than SAR 2.9bn.

Operational income dipped 3% to SAR 2.74bn, while power generation capacity increased.

However, the company’s share price on Saudi Arabia’s Tadawul stock exchange rose by 0.75% on the news, closing the day at SAR 13.50.

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