Middle East Economic Survey

VOL. LII

No 44

2-Nov-2009

SAUDI ARABIA

SEC Posts 15% Rise In 3Q Profit

Saudi Electricity Company (SEC), the Gulfs largest utility by market value, saw a 15.4% rise in net profit for the third quarter 2009 to SR1.73bn ($461mn). Seasonal peak electricity demand likely drove the increase in revenue, with the quarter coinciding with the summer months. The third quarter saw a number of new cost and fuel efficient power plants brought on-line, for which the company deducted...