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.
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.