Saudi Electricity Co (SEC), the Gulf's largest utility firm, reported a 144 percent jump in its net profit for the second quarter on Monday, beating analysts' forecasts because of a one-time gain.
It made SR3.66 billion ($976 million) during the three months to June 30, compared to SR1.50 billion during the same period of the previous year, it said in a bourse statement.
Two analysts polled by Reuters had forecast, on average, that SEC would post a quarterly profit of SR1.19 billion.
The net profit jump was the result of a SR2.63 billion gain as the company wrote back provisions for doubtful receivables from subscribers, it said without elaborating.
SEC's results are highly seasonal because of big swings between power demand in winter and in summer, when high temperatures lead most homes and businesses to rely on extensive air conditioning.For all the latest GCC news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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