Saudi Electricity’s profit increases to 1.44b riyals

Saudi Electricity Co's net profit rose 18.9 per cent to 1.44 billion riyals (Dh1.41 billion) in the peak third quarter of the year compared to the same period in 2003, the company said yesterday.

Saudi Electricity said total net profit for the first nine months of the year stood at 1.50 billion riyals, up sharply from 876 million riyals a year ago.

The company, Saudi Arabia's third-largest listed firm, made the announcement in a brief statement on the Web site of the Saudi bourse.

Saudi Electricity's profits traditionally slump during winter months when electricity consumption falls and then surge in the hot summer when consumers switch on air conditioners.

The company had reported first-quarter losses of 321 million riyals. Its shares closed the morning session, before the announcement, down 0.69 per cent at 144.75 riyals, compared to a year high of 196.0 riyals.