SEC sees significant impact on income
Saudi Electricity Co. (SEC) expects the effects of fuel and electricity price hikes announced in the 2016 government budget to roughly balance out, with little overall impact on its bottom line, the company said in a bourse statement on Tuesday.
The firm said it would see “significant effects” on income from the energy subsidy reforms introduced on Monday, but that the rise in costs associated with higher fuel prices would offset increased revenues from electricity sales.
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