Listed energy, utility firms' revenues up 15% to SR40bn

(MENAFN- Arab News) Revenues of the Saudi listed energy and utility firms grew by 15.4 percent to SR40.3 billion in 2014 compared to SR34.9 billion in 2013, according to a financial report.

Similarly, net profits of the listed energy firms rose by 19.3 percent to SR3.76 billion compared to SR3.15 billion in 2013, Al-Hayat daily said in a report.

The energy and utility sector is composed of two companies: The Saudi Electricity Company (SEC) and National Gas and Industrialization Company (GASCO). Capital of SEC is the biggest among all the listed companies, which stands at SR41.66 billion, or 8.4 percent of the Saudi market value. The market capitalization of the two firms stands at SR73 billion, or 3.8 percent of the Saudi market value. In total, capitals of the sector reached SR42.4 billion, the report said.

In terms of profits, the SEC registered a growth rate of 18.81 percent to reach SR3.60 billion in 2014 compared to SR 3.03 billion in 2013, the report said.

In Q4, 2014, however, the company sustained losses worth SR1.80 billion compared to SR661 million in the same period last year, an increase of 172.6 percent. In Q3, 2014, the company posted net profits of SR2.66 billion. The company attributed its losses in Q4 to weather factors where revenues become less during winter season, the report said.

As regards GASCO, the company posted net profits of SR152.2 million in 2014 compared to SR113.9 million, or an increase of 34 percent. The company attributed the profit surge to the increased sales and fall in general and administrative expenses.

In Q4, 2014, GASCO posted net profits of SR36.4 million compared to SR2.5 million in the same period last year, or an increase of 1,356 percent.

In Q3, the company realized net profits of SR43.9 million, or a decrease of 17 percent, which the company attributed to the increase of costs of revenues in Q4 compared to levels of Q3 as well as increase of general and administrative expenses, the report said.