Monday, Jul 21, 2014
RIYADH--A reversal of provisions for doubtful receivables helped Saudi Electricity Co. post a sharp jump in second-quarter profit, the state-backed utility said on Monday.
SEC made a three-month net profit of 3.66 billion riyals ($975.5 million), up from SAR1.5 billion in the year before period, it said in a Saudi bourse filing.
The main reason for the jump in profit, SEC said, was a reversal of SAR2.6 billion in provisions for receivables from subscribers, and an improvement in gross operating profit.
SEC earlier this month said that the company will be paid SAR2.7 billion in debt owed by high profile customers.
Write to Ahmed Al Omran at ahmed.alomran@wsj.com
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21-07-14 0740GMT
