JEDDAH: Saudi Electricity Co. (SEC), the Gulf’s largest utility firm, reported a 9.5 percent rise in third-quarter net profit.

The company made a profit of SR2.92 bllion ($780 million) in the three months to Sept. 30, up from SR2.67 billion in the same period a year earlier, it said in a bourse statement.

NCB capital forecast Saudi Electricity would make a quarterly net profit of SR2.73 billion. The company is looking for investment opportunities to offset financial pressures on its core electricity business, its chief executive said in May.