State-led utility SEC reported a major and unseasonal swing into profit in Q1. However, the data includes a big accounting adjustment that may represent preparation for a planned break-up.

Saudi Electricity Company (SEC) reported a record net quarterly profit of SR4.95bn ($1.32bn) in the first quarter of 2017, a quarter in which it typically makes a loss. However, the income boost appears to be the result of a reclassification of debt, with an accompanying adjustment to the credit balance.

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