RIYADH: Saudi Electricity Co. saw its shares drop by over 6 percent in early Thursday trading, despite recording a massive jump of 375 percent in annual profits.

The share price reached SR25.95 ($6.9) as of 10:57 a.m. Saudi time, extending losses of 10 percent to SR27.7 in the previous session.

A day earlier, the state-owned utility firm posted profits of SR14.4 billion in 2021, up from SR3.03 billion a year earlier, according to a bourse filing.

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.”