Saudi Electricity Company (SEC) announced on 20 January that it made a profit of SR2.563bn ($683mn) in 2012, compared with SR2.123bn ($566mn) in 2011. Dividends for the year were SR0.62 ($0.17) per share in 2012 compared with SR0.53 ($0.14) per share the previous year. Saudi Press Agency (SPA) said the company achieved the increased revenue despite a fourth quarter net loss of SR1.09bn ($291mn), which was sharply higher than a fourth quarter 2011 loss of SR504mn (134mn).

SPA noted that SEC’s quarterly results are impacted by a wide variation between summer and winter electricity demand, but attributed the larger further quarter loss to “the rise in costs of non-recurrent programs to improve production.” (CONTINUED - 244 WORDS)