Riyadh – Mubasher: Electrical Industries Co. (EIC) on Thursday said its profits increased 11.69% year-on-year in the second quarter of 2017.

Quarter-on-quarter, the firm’s profits rose slightly by 2.57%, according to a bourse filing to the Saudi Stock Exchange (Tadawul).

The Saudi electricity provider posted SAR 10.92 million in Q2-17 up from SAR 9.78 million in Q2-16.

The year-on-year growth in Q2-17 profits was attributed to lower cost of sales.

In the first six months of 2017, EIC’s profits levelled up 12.2% to SAR 21.57 million, from SAR 19.2 million in H1-16.

The Tadawul-listed company’s sales decreased 1.4% reaching SAR 230.3 million in Q2-17, from SAR 233.9 million in the same period in the year before. Sales for the first six months of the year retreated 7.8% to reach SAR 419.4 million, compared to SAR 454.7 million in the corresponding period in the year before.

By 11:32 am Saudi time, EIC's stock went up 1.5% to SAR 21.