BUSINESS

Saudi Electricity Co 4Q Net Loss Widens To SAR514M

Saudi Electricity Co., or SEC, the largest-listed utility in the Gulf, said its fourth-quarter net loss widened year on year to 514 million Saudi riyals ($140 million), missing most analyst expectations.

Zawya Dow Jones News

January 18, 2012

Wednesday, Jan 18, 2012

DUBAI (Zawya Dow Jones)--Saudi Electricity Co. (5110.SA), or SEC, the largest-listed utility in the Gulf, said Wednesday its fourth-quarter net loss widened year on year to 514 million Saudi riyals ($140 million), missing most analyst expectations.

Kuwait-based Global Investment House analysts had seen SEC reporting a SAR155.3 million net loss for the period.

SEC, in a statement posted on the Riyadh-bourse website, said full-year 2011 net profit declined 2.5% to SAR2.22 billion, while earnings per share for the period fell to SAR0.53 from SAR0.55 in 2010.

SEC shares closed 0.7% down at SDAR13.55 Tuesday.

-By Dubai Bureau, Dow Jones Newswires; +9714 446-1686; djnews.dubai@dowjones.com

(END) Dow Jones Newswires

18-01-12 0717GMT