Saudi Electricity net profit drops

Saudi Electricity Co (SEC), the Gulf's largest utility firm, posted a 6.5 percent drop in third-quarter net profit on Sunday. It made 2.67 billion riyals during the three months to Sept. 30, compared to 2.85 billion riyals during the same period of the previous year, it said in a bourse statement.
HSBC had forecast SEC would make a quarterly net profit of 3.11 billion riyals.
In a brief statement, SEC attributed the drop in profit to the implementation of an agreement for oil giant Saudi Aramco to use its transmission system in July 2014. It did not elaborate.