Saudi Electricity Company 1Q2016 losses shrink c29% Y-o-Y on higher revenue
Saudi Electricity Company (SEC) [5110.SE] posted KPIs for 1Q2016, with a net loss of SAR1,374 million shrinking 29% Y-o-Y (+5% Q-o-Q) due to higher revenue, on increased tariffs and a reduction in the amount of purchased energy from independent producers. This comes despite the 80% increase in energy prices. Gross loss for the quarter came in at SAR1,204 million, improving 3% Y-o-Y, while net operating loss also improved slightly 1% Y-o-Y, reaching SAR1,383 million. (Tadawul)
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