Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Wednesday announced offering a new investment for the private sector in the cooling sector.

This service aims to reduce energy consumption in cooling, SEC said in a statement, noting that the use of this technology would save around 20% of entities’ power consumption.

This initiative was discussed on the sidelines of SEC’s participation in the programme that will contribute to develop local industries and logistics services.

SEC last reported a 6.4% year-on-year decline in profits for the third quarter of 2018, reaching SAR 4.9 billion, compared to SAR 5.26 billion.

From January to September 2018, the firm profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.

By 2:10 pm Saudi time, SEC's stock levelled up 2.28% to SAR 17.08.