Saudi Electricity Company (SEC) should see its sales revenues returning to normal levels in the second quarter, Fahad Al Sudairi , the company’s executive vice president and chief financial officer, said in an interview with Al-Arabiya TV.
His comments come on the back of SEC’s first-quarter results, in which it more than doubled its losses when compared to Q1-2014.
During the first three months of 2015, the Gulf's largest utility provider lost SAR 1.94 billion against the SAR 913 million loss it recorded in the same period last year (-112 percent), according to data compiled by Argaam.
Al Sudairi attributed the drop to costs associated with complying with new rules brought forth by the Electricity Regulatory Commission intended to curb the power use of large industrial companies.
He added that SEC's energy contracts reached a total value of SAR 500 million during Q1-2015. The company is also said to have SAR 140 billion worth of projects currently under construction, and financed from its internal resources and loans.
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