Saudi Electricity Company (SEC) reported a record net quarterly profit of SR4.95bn ($1.32bn) in the first quarter of 2017, a quarter in which it typically makes a loss. However, the income boost appears to be the result of a reclassification of debt, with an accompanying adjustment to the credit balance.
In its Q1 financial results report posted on the Saudi Stock Exchange (Tadawul), SEC says the quarterly net profit was “significantly positively impacted” by “a substantial reversal of accrued historical municipalities’ fees of SR6.1bn, post issuance of a royal decree to cancel municipalities’ fees in February 2017.” (CONTINUED - 805 WORDS)
