Saudi Electricity Co posts 2% rise in Q2 profit
Saudi Electricity Co reported a two percent rise in second-quarter profit on Wednesday, due to higher energy sales.
The utility had net profit of SR1.36bn ($363m), up from SR1.34bn in the prior-year period, it said in a bourse statement.
Electricity in the world's top oil exporter is heavily subsidised, contributing to soaring power demand among both residential and industrial or business users.
The utility posted a first quarter loss of SR583m in April.
SEC's installed capacity of 50,000 megawatts needs to rise to 80,000 megawatts by 2020, officials have said, at an estimated cost of SR400bn ($106.6bn).
The company said last month it would buy back a $1.3bn sukuk issued in 2007.
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