RIYADH – Saudi Electricity Co. (SEC) reported a 2 percent rise in second-quarter profit Wednesday, due to higher energy sales. The utility had net profit of SR1.36 billion ($363 million), up from SR1.34 billion in the prior-year period, it said in a bourse statement. Electricity in the world's top oil exporter is heavily subsidized, contributing to soaring power demand among both residential and industrial or business users. SEC results are heavily influenced by the seasons and its earnings improve during the hotter weather in the second and third quarters when higher air conditioning drives increased electricity consumption. The utility posted a first quarter loss of SR583 million in April. SEC's installed capacity of 50,000 megawatts needs to rise to 80,000 megawatts by 2020, officials have said, at an estimated cost of SR400 billion ($106.6 billion). The company said last month it would buy back a $1.3 billion sukuk issued in 2007. – Reuters
