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Saudi Electricity Company (SEC) is providing investors with contrasting signals about the likely impact on its finances of recent increases in both the prices it pays for fuel for power generation and the amount it charges customers for supplying electricity.
SEC says that its net earnings amounted to SR1.47bn ($380mn) in the second quarter of 2016 which was down by SR545mn ($145mn), or 27.7% on the SR1.97bn ($526mn) in second quarter 2015, but vastly improved from the SR1.37bn ($366mn) loss in the first quarter of 2016.
Yet the Saudi Stock Exchange (Tadawul) traded company – it is owned 74% by the Saudi government, 7% by state petroleum firm Saudi Aramco and 19% by private investors – estimates first half 2016 earnings at SR52mn ($13.9mn), up by 67.7% on SR31bn ($8.3mn) in first half 2015.
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