Saudi Electricity Company (SEC) [5110.SE] posted KPIs for 3Q16, with net income growing 51% Y-o-Y, reaching SAR4,404mn; on a solid revenue growth of 30% Y-o-Y reaching SAR17,146mn. The company attributed the solid set of results to higher operational revenues, in addition to improved operational efficiency, which was despite the impact of the hike in fuel prices. The company’s gross profit and EBIT grew 53% Y-o-Y and 55% Y-o-Y, respectively, reaching SAR3,023mn and SAR2,855mn, respectively. Meanwhile, on a quarterly basis, SEC’s earnings shot up 209% Q-o-Q, which the company attributed mainly to seasonality of revenues. (Tadawul)