Riyadh – Mubasher: Saudi Electricity Co. (SEC) is planning to invest around SAR 100 billion over the coming five years, the state-run utility's business development manager said on Tuesday.
The potential investments are set to be carried out in electricity supply, transmission, and distribution projects, the Saudi Press Agency (SPA) reported, citing Muhannad al-Maliki.
The SEC is also looking to participate in imposing Saudisation through nationalising local electricity firms and plants, another official at the utility said.
SEC last reported a 6.4% year-on-year decline in profits for the third quarter of 2018, registering SAR 4.9 billion, compared to SAR 5.26 billion.
During the first nine months of 2018, Saudi Electricity’s profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.
SEC’s stock levelled up 2.38% to close Tuesday’s trading session at SAR 15.48.
