SEC reports 144% surge in Q2 profits

: Wednesday, July 23 - 2014 @ 06:33

Saudi Electricity Co (SEC) has posted a 144% jump in its net profit for the second quarter, thanks to a one-time gain, Reuters has reported. The Gulf’s largest utility firm said it made SR3.66bn ($976m) during the three months to June 30, compared with SR1.5bn during the same period of the previous year. The net profit jump was the result of a SR2.63bn gain as the company wrote back provisions for doubtful receivables from subscribers, SEC said without elaborating.

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Wednesday, July 23- 2014 @ 6:33 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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