Saudi Electricity Co. (SEC) released on Monday financial results for the fiscal year ending on Dec. 31, 2014.
The utility firm incurred SAR 1,802 million net losses in the fourth quarter of 2014, widening 172.62% compared with SAR 661 million losses in the same quarter of 2013. The company had reported SAR 2,668 million profit for the previous quarter.
However, SEC’s FY2014 net profit rose 18.94% year-on-year from SAR 3,036 million to SAR 3,611 million.
The earnings per share grew from SAR 0.73 to SAR 0.87.
“The reason for rise in net loss for the current quarter compared to the same quarter of the previous year was mainly implementing the convention on the use of the transport system, as well as high consumption,” the company said in a bourse statement.
It added that the reason for the loss in the current quarter compared to the previous quarter of this year was the seasonal weather factors, as the company's revenues decrease substantially in winter and increase in summer.
“The reason for rise in 2014 net profit was mainly settling previous debts against which provisions were set aside, in addition to improvement in operating income,” SEC said.
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