Tariff increase drives H1 2016 revenues growth
Saudi Electricity Co, the Gulf’s largest utility firm, reported a 27.7% drop in second-quarter net profit. H1 2016 total revenues increased by 14% to SAR22.1bn, primarily driven by electricity sales growth due to the tariff increase. Electricity sales increased by 13.8%.Saudi Electricity is an electric company based in Saudi Arabia. Co. is a major provider of electric power all over the Kingdom of Saudi Arabia, serving governmental, industrial, agricultural, commercial sectors, and residential consumers. Co. is a tariff regulated (subject to tariff control) electricity company. Electricity tariffs are determined by the Council of Ministers based on recommendations from the Electricity and Co-generation Regulatory Authority.
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