Riyadh-Mubasher: Saudi Electricity Co.’s (SEC) revenues will not be impacted by the increase in energy prices, said Chairman Saleh Al-Awaji.
“However, the government’s decision to raise fuel prices weighed on the company,” he said.
He added that the state-owned utility focuses on boosting its operating efficiency and lower costs, CNBC Arabia website reported.
“The company serves 8 million customers in the kingdom and its lending rate is higher,” the chairman said.
Al-Awaji also said he does not expect pressure on SEC’s earnings from the rise in fuel prices, adding that several projects will be carried out in the next period to produce 300 megawatt of renewable energy.
The company posted SAR 1.5 billion ($0.40 billion) in FY15 earnings, falling 58% compared with SAR 3.6 billion ($0.96 billion) a year earlier.
