(MENAFN - Arab News) Saudi Electricity Company (SEC) posted a net profit of SR 2.56 billion in 2012, compared to SR 2.21 billion in 2011, registering an increase of 16 percent.
The company said in a press statement that dividends per share for the year 2012 amounted to 62 halalas compared to 53 halalas in 2011.
The company achieved the impressive revenue despite a fourth-quarter net loss of SR 1.09 billion sharply higher than the loss in the same period in 2011, the Saudi Press Agency reported quoting the company statement.
The fourth quarter loss in 2011 was SR 504 million.
"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 programs to improve production," the statement said, referring to future commitments for people who have left the company.
The company's results are highly seasonal due to the wide variation between summer and winter electricity demand in the Kingdom, it was stated.