Monday, 16 October 2017 10:20 GMT
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Saudi Electricity to receive USD400m from Aramco

(MENAFN) Saudi Electricity Co, the Gulf's largest utility firm, will be paid as much as USD400 million from oil giant Saudi Aramco to settle claims for using its electricity transmission systems, according to Arabian Business.

Saudi Electricity said that the payment will affect cash flow and reduce consumer receivables in the third quarter of 2014.

Saudi Electricity Co reported a 144 percent jump in its net profit for the second quarter, beating analysts' forecasts because of a one-time gain.

The company's net profit was estimated at USD976 million during the quarter compared to USD400 million during the same period of the previous year.

Saudi Electricity to receive USD400m from Aramco