SEC's 2014 net profit up 19% to SAR 3611 mln

20/01/2015 Argaam Exclusive

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Saudi Electricity Co. (SAUDI ELECTRICITY)

Saudi Electricity Company reported 2014 net profit of SAR 3611 million, a 19 percent increase compared to the last year.

A net loss of SAR 1802 million was reported for Q4-2014 compared to a net profit of SAR 2668 for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	35,672.13	38,490.67	7.9 %
Gross Income	2,641.41	2,027.74	(23.2 %)
Operating Income	1,980.83	1,098.25	(44.6 %)
Net Income after deducting Mudaraba Instrument profit	3,035.87	3,606.59	18.8 %
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	0.73	0.87	18.8 %

The company attributed the increase of 2014’s net profit compared to the last year to settling some debts against which provisions were previously formed in addition to the improvement of operating income.

The company also attributed the increase of Q4-2014’s losses compared to the same period last year to implementing the use of the transport system convention, and high consumption.

Q4’s net losses compared to a net profit for the previous period (Q3-2014) was due to seasonal weather factors as the company's revenue are substantially less during the winter months and increases during the summer months and higher depreciation expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	8,136.98	8,458.89	4.0 %
Gross Income	(495.98)	(1255.35)	(153.1 %)
Operating Income	(664.06)	(1609.13)	(142.3 %)
Net Income	(661.88)	(1801.80)	(172.2 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.16)	(0.43)	(172.2 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	12,472.87	8,458.89	(32.2 %)
Gross Income	2,813.69	(1255.35)	(144.6 %)
Operating Income	2,586.03	(1609.13)	(162.2 %)
Net Income	2,668.33	(1801.80)	(167.5 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.64	(0.43)	(167.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2005	3,360.32	3.6 %	1,107.07	(0.7 %)	(303.13)	5.5 %	(0.07)
Q2 2005	5,063.22	12.4 %	2,069.00	11.6 %	618.27	63.8 %	0.15
Q3 2005	6,095.74	7.6 %	2,927.52	5.4 %	1,449.04	8.0 %	0.35
Q4 2005	4,242.00	1.9 %	1,165.68	(10.8 %)	(281.14)	(185.2 %)	(0.07)
2005	18,761.29	6.7 %	7,269.28	3.1 %	1,483.04	14.1 %	0.36
Q1 2006	3,424.40	1.9 %	973.04	(12.1 %)	(436.11)	(43.9 %)	(0.10)
Q2 2006	5,350.90	5.7 %	2,240.32	8.3 %	728.47	17.8 %	0.17
Q3 2006	6,392.33	4.9 %	3,112.89	6.3 %	1,613.40	11.3 %	0.39
Q4 2006	4,539.04	7.0 %	1,076.38	(7.7 %)	(491.92)	(75.0 %)	(0.12)
2006	19,706.66	5.0 %	7,402.63	1.8 %	1,413.83	(4.7 %)	0.34
Q1 2007	3,664.21	7.0 %	978.71	0.6 %	(434.03)	0.5 %	(0.10)
Q2 2007	5,735.16	7.2 %	2,437.54	8.8 %	784.97	7.8 %	0.19
Q3 2007	6,968.36	9.0 %	3,390.36	8.9 %	1,704.29	5.6 %	0.41
Q4 2007	4,471.34	(1.5 %)	963.47	(10.5 %)	(642.73)	(30.7 %)	(0.15)
2007	20,839.06	5.7 %	7,770.09	5.0 %	1,412.50	(0.1 %)	0.34
Q1 2008	3,932.93	7.3 %	854.51	(12.7 %)	(771.00)	(77.6 %)	(0.19)
Q2 2008	6,025.60	5.1 %	2,340.97	(4.0 %)	780.97	(0.5 %)	0.19
Q3 2008	7,209.25	3.5 %	3,240.29	(4.4 %)	1,500.48	(12.0 %)	0.36
Q4 2008	5,120.97	14.5 %	1,289.80	33.9 %	(406.00)	36.8 %	(0.10)
2008	22,288.74	7.0 %	7,725.56	(0.6 %)	1,104.45	(21.8 %)	0.27
Q1 2009	4,083.91	3.8 %	(829.14)	(197.0 %)	(771.03)	(0.0 %)	(0.19)
Q2 2009	6,394.52	6.1 %	690.03	(70.5 %)	714.61	(8.5 %)	0.17
Q3 2009	7,882.00	9.3 %	1,997.27	(38.4 %)	1,730.68	15.3 %	0.42
Q4 2009	5,490.52	7.2 %	(417.57)	(132.4 %)	(531.61)	(30.9 %)	(0.13)
2009	23,850.95	7.0 %	1,440.60	(81.4 %)	1,142.64	3.5 %	0.27
Q1 2010	4,566.27	11.8 %	(730.39)	11.9 %	(782.22)	(1.5 %)	(0.19)
Q2 2010	7,368.79	15.2 %	1,127.67	63.4 %	1,068.45	49.5 %	0.26
Q3 2010	9,444.84	19.8 %	2,413.73	20.9 %	2,316.63	33.9 %	0.56
Q4 2010	6,531.09	19.0 %	(218.35)	47.7 %	(323.78)	39.1 %	(0.08)
2010	27,910.99	17.0 %	2,592.66	80.0 %	2,279.09	99.5 %	0.55
Q1 2011	5,310.46	16.3 %	(680.93)	6.8 %	(773.69)	1.1 %	(0.19)
Q2 2011	8,347.71	13.3 %	1,455.61	29.1 %	1,334.78	24.9 %	0.32
Q3 2011	9,944.76	5.3 %	2,387.02	(1.1 %)	2,174.54	(6.1 %)	0.52
Q4 2011	6,966.67	6.7 %	(460.21)	(110.8 %)	(522.48)	(61.4 %)	(0.13)
2011	30,569.60	9.5 %	2,701.49	4.2 %	2,213.16	(2.9 %)	0.53
Q1 2012	5,940.77	11.9 %	(366.16)	46.2 %	(583.35)	24.6 %	(0.14)
Q2 2012	9,064.93	8.6 %	1,400.84	(3.8 %)	1,360.33	1.9 %	0.33
Q3 2012	10,890.00	9.5 %	3,038.32	27.3 %	2,875.39	32.2 %	0.69
Q4 2012	7,750.56	11.3 %	(464.76)	(1.0 %)	(1091.30)	(108.9 %)	(0.26)
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,561.07	15.7 %	0.61
Q1 2013	6,423.27	8.1 %	(576.52)	(57.5 %)	(657.36)	(12.7 %)	(0.16)
Q2 2013	9,307.42	2.7 %	799.56	(42.9 %)	1,502.27	10.4 %	0.36
Q3 2013	11,804.47	8.4 %	2,914.36	(4.1 %)	2,852.83	(0.8 %)	0.68
Q4 2013	8,136.98	5.0 %	(495.98)	(6.7 %)	(661.88)	39.3 %	(0.16)
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	3,035.87	18.5 %	0.73
Q1 2014	7,069.18	10.1 %	(864.11)	(49.9 %)	(913.35)	(38.9 %)	(0.22)
Q2 2014	10,489.73	12.7 %	1,341.82	67.8 %	3,657.81	143.5 %	0.88
Q3 2014	12,472.87	5.7 %	2,813.69	(3.5 %)	2,668.33	(6.5 %)	0.64
Q4 2014	8,458.89	4.0 %	(1255.35)	(153.1 %)	(1801.80)	(172.2 %)	(0.43)
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	3,606.59	18.8 %	0.87

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	18,761.29	6.7 %	7,269.28	3.1 %	1,483.04	14.1 %	0.36
2006	19,706.66	5.0 %	7,402.63	1.8 %	1,413.83	(4.7 %)	0.34
2007	20,839.06	5.7 %	7,770.09	5.0 %	1,412.50	(0.1 %)	0.34
2008	22,288.74	7.0 %	7,725.56	(0.6 %)	1,104.45	(21.8 %)	0.27
2009	23,850.95	7.0 %	1,440.60	(81.4 %)	1,142.64	3.5 %	0.27
2010	27,910.99	17.0 %	2,592.66	80.0 %	2,279.09	99.5 %	0.55
2011	30,569.60	9.5 %	2,701.49	4.2 %	2,213.16	(2.9 %)	0.53
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,561.07	15.7 %	0.61
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	3,035.87	18.5 %	0.73
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	3,606.59	18.8 %	0.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	39.82 %	37.23 %	7.44 %
Q2 2005	39.78 %	37.29 %	8.54 %
Q3 2005	39.67 %	37.25 %	8.92 %
Q4 2005	38.75 %	36.69 %	7.90 %
2005	38.75 %	36.69 %	7.90 %
Q1 2006	37.90 %	36.14 %	7.17 %
Q2 2006	38.23 %	36.83 %	7.64 %
Q3 2006	38.60 %	37.50 %	8.37 %
Q4 2006	37.56 %	36.64 %	7.17 %
2006	37.56 %	36.64 %	7.17 %
Q1 2007	37.14 %	36.17 %	7.10 %
Q2 2007	37.41 %	36.19 %	7.24 %
Q3 2007	37.71 %	36.40 %	7.48 %
Q4 2007	37.29 %	35.92 %	6.78 %
2007	37.29 %	35.92 %	6.78 %
Q1 2008	36.22 %	34.76 %	5.10 %
Q2 2008	35.28 %	34.07 %	5.01 %
Q3 2008	34.19 %	33.23 %	4.01 %
Q4 2008	34.66 %	33.69 %	4.96 %
2008	34.66 %	33.69 %	4.96 %
Q1 2009	26.93 %	33.79 %	4.92 %
Q2 2009	19.25 %	34.11 %	4.55 %
Q3 2009	13.41 %	34.41 %	5.40 %
Q4 2009	6.04 %	34.91 %	4.79 %
2009	6.04 %	34.91 %	4.79 %
Q1 2010	6.33 %	34.96 %	4.65 %
Q2 2010	7.81 %	35.61 %	5.87 %
Q3 2010	8.91 %	37.64 %	7.71 %
Q4 2010	9.29 %	36.65 %	8.17 %
2010	9.29 %	36.65 %	8.17 %
Q1 2011	9.22 %	36.95 %	7.98 %
Q2 2011	10.02 %	38.06 %	8.62 %
Q3 2011	9.77 %	37.76 %	8.00 %
Q4 2011	8.84 %	38.83 %	7.65 %
2011	8.84 %	38.83 %	7.65 %
Q1 2012	9.67 %	40.17 %	8.27 %
Q2 2012	9.28 %	40.05 %	8.25 %
Q3 2012	10.99 %	41.40 %	10.21 %
Q4 2012	10.72 %	40.82 %	9.50 %
2012	10.72 %	40.82 %	9.50 %
Q1 2013	9.96 %	40.18 %	9.00 %
Q2 2013	8.14 %	38.70 %	7.14 %
Q3 2013	7.57 %	38.21 %	6.83 %
Q4 2013	7.40 %	38.44 %	6.47 %
2013	7.40 %	38.44 %	6.47 %
Q1 2014	6.48 %	37.80 %	5.65 %
Q2 2014	7.72 %	39.12 %	6.92 %
Q3 2014	7.32 %	39.38 %	6.32 %
Q4 2014	5.29 %	38.10 %	3.94 %
2014	5.27 %	38.08 %	3.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	38.75 %	36.69 %	7.90 %
2006	37.56 %	36.64 %	7.17 %
2007	37.29 %	35.92 %	6.78 %
2008	34.66 %	33.69 %	4.96 %
2009	6.04 %	34.91 %	4.79 %
2010	9.29 %	36.65 %	8.17 %
2011	8.84 %	38.83 %	7.65 %
2012	10.72 %	40.82 %	9.50 %
2013	7.40 %	38.44 %	6.47 %
2014	5.27 %	38.08 %	3.92 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	32.95 %	30.57 %	(9.02 %)
Q2 2005	40.86 %	38.34 %	12.21 %
Q3 2005	48.03 %	46.35 %	23.77 %
Q4 2005	27.48 %	25.68 %	(6.63 %)
Q1 2006	28.42 %	27.69 %	(12.74 %)
Q2 2006	41.87 %	40.67 %	13.61 %
Q3 2006	48.70 %	47.95 %	25.24 %
Q4 2006	23.71 %	22.70 %	(10.84 %)
Q1 2007	26.71 %	25.75 %	(11.85 %)
Q2 2007	42.50 %	40.42 %	13.69 %
Q3 2007	48.65 %	47.61 %	24.46 %
Q4 2007	21.55 %	20.27 %	(14.37 %)
Q1 2008	21.73 %	20.23 %	(19.60 %)
Q2 2008	38.85 %	37.70 %	12.96 %
Q3 2008	44.95 %	44.63 %	20.81 %
Q4 2008	25.19 %	23.90 %	(7.93 %)
Q1 2009	(20.30 %)	21.31 %	(18.88 %)
Q2 2009	10.79 %	38.59 %	11.18 %
Q3 2009	25.34 %	44.63 %	21.96 %
Q4 2009	(7.61 %)	26.81 %	(9.68 %)
Q1 2010	(16.00 %)	22.98 %	(17.13 %)
Q2 2010	15.30 %	40.36 %	14.50 %
Q3 2010	25.56 %	48.91 %	24.53 %
Q4 2010	(3.34 %)	24.31 %	(4.96 %)
Q1 2011	(12.82 %)	26.51 %	(14.57 %)
Q2 2011	17.44 %	43.88 %	15.99 %
Q3 2011	24.00 %	47.48 %	21.87 %
Q4 2011	(6.61 %)	29.81 %	(5.70 %)
Q1 2012	(6.16 %)	34.87 %	(8.96 %)
Q2 2012	15.45 %	43.18 %	15.31 %
Q3 2012	27.90 %	50.91 %	26.61 %
Q4 2012	(6.00 %)	28.46 %	(7.19 %)
Q1 2013	(8.98 %)	31.89 %	(10.23 %)
Q2 2013	8.59 %	37.64 %	8.31 %
Q3 2013	24.69 %	48.52 %	24.17 %
Q4 2013	(6.10 %)	29.89 %	(8.13 %)
Q1 2014	(12.22 %)	29.22 %	(12.92 %)
Q2 2014	12.79 %	42.39 %	12.57 %
Q3 2014	22.56 %	48.81 %	21.39 %
Q4 2014	(14.84 %)	24.44 %	(18.41 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	4,166.59	0.32	0.32	10.84
Q2 2005	4,166.59	0.37	0.37	10.84
Q3 2005	4,166.59	0.40	0.40	11.17
Q4 2005	4,166.59	0.36	0.36	11.10
Q1 2006	4,166.59	0.32	0.32	11.00
Q2 2006	4,166.59	0.35	0.35	11.04
Q3 2006	4,166.59	0.39	0.39	11.43
Q4 2006	4,166.59	0.34	0.34	11.31
Q1 2007	4,166.59	0.34	0.34	11.21
Q2 2007	4,166.59	0.35	0.35	11.26
Q3 2007	4,166.59	0.38	0.38	11.67
Q4 2007	4,166.59	0.34	0.34	11.52
Q1 2008	4,166.59	0.26	0.26	11.37
Q2 2008	4,166.59	0.26	0.26	11.42
Q3 2008	4,166.59	0.21	0.21	11.78
Q4 2008	4,166.59	0.27	0.27	11.65
Q1 2009	4,166.59	0.27	0.27	11.47
Q2 2009	4,166.59	0.25	0.25	11.51
Q3 2009	4,166.59	0.30	0.30	11.92
Q4 2009	4,166.59	0.27	0.27	11.74
Q1 2010	4,166.59	0.27	0.27	11.43
Q2 2010	4,166.59	0.36	0.36	11.58
Q3 2010	4,166.59	0.50	0.50	12.14
Q4 2010	4,166.59	0.55	0.55	12.06
Q1 2011	4,166.59	0.55	0.55	11.88
Q2 2011	4,166.59	0.61	0.61	12.05
Q3 2011	4,166.59	0.58	0.58	12.55
Q4 2011	4,166.59	0.53	0.56	12.45
Q1 2012	4,166.59	0.58	0.62	12.30
Q2 2012	4,166.59	0.58	0.63	12.54
Q3 2012	4,166.59	0.75	0.81	13.20
Q4 2012	4,166.59	0.61	0.77	12.83
Q1 2013	4,166.59	0.60	0.74	12.67
Q2 2013	4,166.59	0.63	0.59	12.91
Q3 2013	4,166.59	0.63	0.58	13.60
Q4 2013	4,166.59	0.73	0.55	13.51
Q1 2014	4,166.59	0.67	0.49	13.32
Q2 2014	4,166.59	1.18	0.62	14.08
Q3 2014	4,166.59	1.14	0.58	14.72
Q4 2014	4,166.59	0.87	0.36	14.22

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	4,166.59	0.36	0.36	11.10
2006	4,166.59	0.34	0.34	11.31
2007	4,166.59	0.34	0.34	11.52
2008	4,166.59	0.27	0.27	11.65
2009	4,166.59	0.27	0.27	11.74
2010	4,166.59	0.55	0.55	12.06
2011	4,166.59	0.53	0.56	12.45
2012	4,166.59	0.61	0.77	12.83
2013	4,166.59	0.73	0.55	13.51
2014	4,166.59	0.87	0.36	14.22

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	71.97	71.97	2.10
Q2 2005	66.46	66.46	2.29
Q3 2005	70.29	70.29	2.52
Q4 2005	15.33	15.33	2.62
Q1 2006	85.80	85.80	2.53
Q2 2006	67.77	67.77	2.15
Q3 2006	49.37	49.37	1.68
Q4 2006	7.19	7.19	1.15
Q1 2007	36.05	36.05	1.09
Q2 2007	32.54	32.54	1.02
Q3 2007	30.65	30.65	0.99
Q4 2007	8.16	8.16	1.28
Q1 2008	53.27	53.27	1.21
Q2 2008	47.63	47.63	1.07
Q3 2008	50.18	50.18	0.89
Q4 2008	6.55	6.55	0.79
Q1 2009	37.73	37.73	0.87
Q2 2009	38.33	38.33	0.83
Q3 2009	33.35	33.35	0.85
Q4 2009	7.69	7.69	0.96
Q1 2010	46.22	46.22	1.10
Q2 2010	35.63	35.63	1.10
Q3 2010	29.37	29.37	1.20
Q4 2010	4.82	4.82	1.16
Q1 2011	25.23	25.23	1.17
Q2 2011	22.43	22.43	1.14
Q3 2011	22.98	22.98	1.06
Q4 2011	4.91	4.65	1.12
Q1 2012	27.74	25.84	1.30
Q2 2012	22.13	20.42	1.03
Q3 2012	17.44	16.27	0.99
Q4 2012	4.09	3.28	1.04
Q1 2013	23.71	19.20	1.12
Q2 2013	20.44	21.89	1.00
Q3 2013	21.26	22.98	0.98
Q4 2013	3.75	4.93	1.08
Q1 2014	23.61	32.00	1.18
Q2 2014	13.30	25.27	1.12
Q3 2014	15.13	29.80	1.17
Q4 2014	3.22	7.68	1.05

Period	P/E	Adjusted P/E	Price/book
2005	15.33	15.33	2.62
2006	7.19	7.19	1.15
2007	8.16	8.16	1.28
2008	6.55	6.55	0.79
2009	7.69	7.69	0.96
2010	4.82	4.82	1.16
2011	4.91	4.65	1.12
2012	4.09	3.28	1.04
2013	3.75	4.93	1.08
2014	3.23	7.72	1.05

Financial Ratios

	Current
Market Cap (M Riyal)	69,665.38
Enterprise Value (EV) (M)	181,442.89
Shares Outstanding ((M))	4,166.59
EPS ( Riyal) (TTM)	0.65
Book Value (BV) ( Riyal)	21.50
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.61
P/E (TTM)	25.72
Price/book	0.78
Return on Average Assets (%) (TTM)	0.5
Return on Average Equity (%) (TTM)	3.0

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SEC's 2014 net profit up 19% to SAR 3611 mln

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Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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SEC's 2014 net profit up 19% to SAR 3611 mln

View other reports

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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