JEDDAH: Saudi Electricity Company (SEC), the largest listed utility in the Gulf, said Monday its net loss narrowed to SR295 million ($78.7 million) in the fourth quarter, from SR532 million in the year earlier period. Full-year earnings per share came in at SR0.55, compared with SR0.27 a year earlier, SEC said in a statement posted on the Saudi bourse website. SEC shares closed trading Monday 0.4 percent higher at SR14.05 in a slightly negative overall market. Meanwhile, Saudi Arabia's Almarai, the Gulf's biggest dairy firm by market value, said Monday fourth-quarter net profit rose 14 percent to SR283.8 million ($75.68 million). The firm, in which Savola Group holds a 29.9 percent stake, made SR1.28 billion in net profit for the full year, up 17.2 percent from the year earlier period, the company said in a bourse statement. Sales in the fourth quarter rose 16.2 percent to SR1.79 billion, it said. Operating profit in the fourth quarter grew 13.4 percent to SR319.2 million, it added. However, Savola Group said Monday its fourth-quarter net profit plunged to SR2 million ($0.53 million) from a SR268.6 million a year earlier. The firm attributed the drop in profit to the "outcome of review of foods business strategy, which aims to entrench its position in core markets and re-assess to exit from certain overseas operations," a statement posted on the Saudi bourse website said. Full-year earnings per share came in at SR1.77 versus SR1.90 in the year earlier period. Savola shares closed down 0.3 percent at SR32.70 in a broadly negative market. Separately, Saudi Arabian Fertilizer Co., a unit of Saudi Basic Industries Corp., soared to the highest in more than two years after fourth-quarter profit more than tripled as rising global demand bolstered prices and sales. Net income increased to SR1.03 billion ($270 million) from SR335 million in the year
