Saudi SEC turns into profit with a 1443% jump in 9 months

RIYADH: The kingdom’s utility giant, Saudi Electricity Co, reported that it turned into profit in the first nine months of 2021 after seeing its net profit jumping by a staggering 1,443 per cent, Arab News reported.

The company said in a filing that it made a net profit of SR15 billion, compared to a loss of SR1.1 billion a year ago.

The company attributed the results to many factors, including lower finance costs due to lower overall debt levels in addition to a 6.8 per cent growth in electricity sales mainly due to demand recovery from the Covid-19 pandemic impact.