Saudi Electricity said its profits more than doubled last year as more people were forced to stay at home.

Net income increased by 118% to SR 3 billion (S806 million) as sales gained 5.6 % to SR 68.7 billion, the utilities company said in a stock exchange filing last week. The company’s performance was also helped by the cancelation of a SR 412 million tax expense as a result of a tax law change last year.

The company’s bottom line was also helped by the cancelation of a SR 412 million riyals tax expense as a result of a tax law change last year.

Saudi Electricity's board of directors has endorsed a 7% cash dividend for the year 2020, amounting to a total dividend distribution of 2.9 billion riyals ($ 773 million).

The dividend works out to 0.70 riyals per share, the utility company said in a bourse disclosure.