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SEC posts 16% jump in 2012 profit
- Saudi Arabia: Tuesday, January 22 - 2013 at 06:24
Saudi Electricity Co (SEC) has reported a 16% jump in net income of SR2.56bn last year, compared with SR2.21bn in 2011, Arab News has reported. "The company achieved the impressive revenue despite a fourth-quarter net loss of SR1.09bn sharply higher than the loss in the same period in 2011," SEC said. "The reason for the rise in net losses for the fourth quarter compared with the same quarter a year earlier is due to the rise in costs of non-recurrent programmes to improve production," it said.
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