Saudi Electricity Co, the Gulf’s largest utility firm, will receive a payment of SAR1.5 billion ($400 million) from state oil giant Saudi Aramco as settlement of claims for using its electricity transmission systems, SEC said Wednesday.
In a regulatory filing, SEC said the payment will areduce consumer receivables in the third quarter of 2014.
The settlement covers payments due from 2007 to the end of 2013.
Earlier this week Saudi Electricity reported a rise of 144% in its net profit for the second quarter, attributable to a one-off gain.
It made SAR 3.66 billion ($976 million) during the three months ended June 30, compared to SAR 1.5 billion during the same period of the previous year, it said in its earnings release.