Saudi Electricity Q3 results hit

power-grid

Saudi Electricity Co (SEC) reported a 6 per cent decline in its net profit in the third quarter due to higher costs of purchased energy and increased depreciation expenses.

 

SEC made a net profit of US$587mn for the Q3, compared with US$610mn in the same period a year earlier.

Typically Saudi Electricity's performance peaks during Q3 due to the high demand for power during the summer season in the Kingdom.

An SEC statement said, "The reason for the decline in the third quarter net profit compared to the same period a year earlier is mainly the rise in costs of the consumption and purchase of energy.”

Operational profit for the third quarter declined by 3 per cent to US$570mn from US$590mn in the third quarter a year ago.

Earning for the first nine months of the year have seen a 5 per cent growth Y-o-Y hitting US$730mn this year compared to US$690mn for the first nine months last year. This increase has been the result of revised tariffs last year on industrial, commercial and government customers.

Capacity

SEC has an installed capacity of 50,000 MW and plans to boost its capacity to at least 80,000 MW by 2020.

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