Riyadh - Mubasher: Saudi Electricity Company’s (SEC) net profits declined 27.65% to SAR 1.4 billion ($380.27 million) in the second quarter of 2016 from SAR 1.97 billion ($525.6 million) in the same quarter last year.
The decline in profits is due to higher sales costs, thanks to the increase in fuel prices and consumption costs, according to the company’s bourse filing issued on Wednesday.
Profits in H1-16 grew 67.74% recording SAR 52 million ($13.87 million) compared to SAR 31 million ($8.27 million) in the same period last year, the company said.
The surge in half-on-half profits is attributable to the rise in other revenues, it added, indicating that achieving a profit in Q2-16, after posting a net loss of SAR 1.37 billion ($365 million) in Q1 was due to growth in operating revenues and as a result of seasonal sales.
