Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Monday said that its net profits increased by 6.78% year-on-year in the third quarter of 2017.

Net profits stood at SAR 5.26 billion in Q3-17, compared to SAR 4.9 billion in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits soared 135.75%.

SEC attributed the growth in its year-on-year net profits to the decrease in revenues’ cost due to the improvement in operating efficiency.

At the level of the first nine months of 2017, net profits levelled up 95.06% to reach SAR 12.4 billion, compared to SAR 6.37 billion in the corresponding period in the year earlier.

Year-on-year, operating revenues decreased 1% to SAR 16.92 billion, from SAR 17.13 billion.

Operating revenues shed 0.2% to reach SAR 39.14 billion from January until September 2017, compared to SAR 39.22 billion in the year-ago period.

SEC’s stock inched up 0.54%, closing at SAR 24.32 on Sunday.