Saudi utility giant SEC turns into profit with a 1443% jump in 9 months of 2021

  • 11/7/2021
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RIYADH: The Kingdom"s utility giant, Saudi Electricity Co., reported today that it turned into profit in the first nine months of 2021 after seeing its net profit jumping by a staggering 1443 percent. 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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