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.
