VOL. XLV

No 19

13-May-2002

SAUDI ARABIA

SEC Announces $208Mn Profit In 21-Month Period Up To End-2001

TheSaudi Electricity Company (SEC), which was formed by the merger of thekingdoms 10 power firms in 1999 (MEES,20 December 1999), announced in its first consolidated report on 4 May that itmade pre-tax profits of SR779mn ($208mn) in the 21-month period up to the endof 2001. The SEC board recommended paying dividends of SR4 per share,representing 8% of their face value. The report said that after...