Saudi Electric Industries sees lower sales in 2015 on weak oil prices

Saudi Electric Industries Co. (SEICO) expects to report lower sales this year due to declining local demand and weak oil prices, the bourse-listed company said in its board report. 

SEICO's forecasts were mainly based on the delay of the company projects in the oil, gas, and petrochemicals sectors hurt by lower crude prices.

Since early February, oil prices have been unsteadily swinging from either side of $50 per barrel.

Consequently, the company said it seeking to diversify products, acquire peer companies and tap into new markets.

Its sales at the end of last year dropped 19 percent to SAR 1.046 billion, compared to SAR 1.285 billion in 2013. Net earnings rose 4 percent year-on-year due to written-back provisions and lower expenses.