Saudi Electricity Q1 Net Loss Widens 39% On Higher Costs

Saudi Electricity Co (SEC) reported a significant widening of its net loss for the first quarter on Sunday, as the utility saw costs increase and the value of some of its fixed assets decline.

It lost 913 million riyals ($243.4 million) during the three months to March 31, compared to 657 million riyals during the same period of the previous year, it said in a bourse statement.

NCB Capital had forecast that SEC would have a quarterly net loss of 754 million riyals.

SEC’s results are highly seasonal due to the big swing between power demand in winter and in summer when high temperatures lead most homes and businesses to rely on extensive air conditioning.