(MENAFN- Gulf Times) Saudi Electricity Co, the dominant electricity provider in the Arab world's biggest economy, reported its best quarterly profit in more than a decade after the state-controlled utility raised prices following subsidy cuts, Bloomberg said. Third-quarter net income surged to 4.4bn riyals ($1.2bn) from 2.92bn riyals in the year-earlier period, the company said in a statement to the Saudi stock market. The jump was due to an 'increase in operating income";"; and 'improved efficiency despite higher fuel prices,";"; it said. Confronting a severe drop in oil prices and a mounting budget deficit, Saudi Arabia reduced energy subsidies in 2015 and followed by slashing water aid this year. The measures were part of a wider austerity drive that included halting some projects, freezing bonuses and cutting some allowances for state employees, as well as introducing various fees to improve state finances and end the population";s dependency on government handouts. Saudi Electricity";s earnings beat estimates by NCB Capital for a profit of 1.9bn riyals.
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