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Saudi Utility Giant SEC Turns into Profit with A 1443% Jump in 9 Months Of 2021

The Kingdom's utility giant, Saudi Electricity Co., reported on 7th November 2021 that it turned into profit in the first 9 months of 2021 after seeing its net profit jumping by a staggering 1443 %.

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 percent growth in electricity sales mainly due to demand recovery from Covid-19 pandemic impact.

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Posted on :11/26/2021