RIYADH: The Saudi Electricity Co. reported a massive jump of 375 percent in annual profits due to continuous “implementation of regulatory and financial reforms in the electricity sector,” it said.

The state-owned utility company saw its net profit soaring to SR14.4 billion ($3.84 billion) in 2021, up from SR3.03 billion a year earlier, according to a bourse filing.

Pushed by growing electricity sales, electricity service connection fees, and transmission system revenue, SEC made revenues of as high as SR69.3 billion in the same period.

In line with strong profits, the company’s board proposed an annual dividend payout of SR0.7 per share.

Saudi financial analyst and CEO, Muhamed Al Suwayed, attributed the results to “the restructured debt deal with the government last year to convert SEC’s liabilities into Shariah-compliant equity-like instruments.”