Riyadh – Mubasher: Saudi Electricity Company (SEC) on Sunday reported a 17.3% year-on-year decrease in net profits for the second quarter of 2018.

SEC’s logged a net profit of SAR 1.85 billion during the period between April and June, down from SAR 2.23 billion in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues jumped 32% to SAR 17.5 billion in Q2-18, from SAR 13.3 billion during the corresponding period a year earlier.

At the level of the first six months in 2018, the company’s profits tumbled 91.2% to SAR 633 million, from SAR 7.17 billion during H1-17.

SEC’s revenues levelled up 30% to SAR 28.9 billion in the six-month period ended last June, compared to SAR 22.2 billion during the first six months a year earlier.

SEC recorded a loss of SAR 1.2 billion in Q1-18, against a profit of SAR 4.9 billion in Q1-17, according to the company's data. 

By 11:34 Saudi time, the stock fell 3.33% to SAR 19.72.