Sales of listed energy, utility firms up 10.7% to SR13.7bn

Likewise, the quarterly sales grew by 46 percent compared to sales of Q1, 2016, which stood at SR9.4 billion, the report published by Al-Hayat daily said.
However, profits of the listed energy and utility firms declined by 27. 5 percent to SR1.45 billion in Q2 compared to SR1.99 billion in the same period last year.
The energy and utility sector is composed of two companies — Saudi Electricity Company (SEC) and National Gas and Industrialization Company (GASCO). Capital of SEC is worth SR41.66 billion, or 8.24 percent of the market, whereas capital of GASCO is valued at SR750 million. The market capitalization of the two companies stands at SR81 billion, or 6 percent of the Saudi market, which is worth SR1.43 trillion, the report said.
Profits of SEC in Q2 dropped by 27.6 percent to SR1.42 billion compared to SR1.97 billion in the same period last year. The company attributed the profit decline to the increase of costs of sales due to rise in fuel prices and consumption spending. The company sustained a loss of SR1.37 billion in Q1.
The company posted total profits of SR359 million in the first six months of the current year compared to SR876 million in the same period last year, or a decrease of 59 percent, the report said.
As regards GASCO, the company posted net profits of SR22.48 million in Q2, 2016, compared to SR27.42 million in Q2, 2015, or a decrease of 18 percent. The quarterly profits also dropped by 55 percent compared to Q1 profits which stood at SR50 million.
The company attributed the profit decline to the increase in fuel prices, salaries, consultancy services, and general administrative expenses.
Half-year profits of the company rose by 4.5 percent to SR72.2 million compared to SR69.1 million in H1, 2015, which prompted the earning per share (EPS) of the company to grow to SR0.96 compared to SR0.92, the report said.

Source: Arab News