SEC’s net profit plunges 46% in nine-months 2015

21/10/2015 Argaam Exclusive

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Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Saudi Electricity Co. (SEC), the largest utility services provider in the Gulf, reported a net profit of SAR 2.95 billion for the first nine months of 2015, a drop of 45.5 percent compared to the same period last year due to the settlement of previous debts.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	30,031.77	32,579.59	8.5 %
Gross Income	3,291.40	3,899.25	18.5 %
Operating Income	2,715.68	3,322.39	22.3 %
Net Income after deducting Mudaraba Instrument profit	5,412.79	2,952.01	(45.5 %)
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	1.30	0.71	(45.5 %)

The company recorded a net profit of SAR 2.92 billion in Q3 this year, with a rise of 9.5 percent compared to the same quarter last year, thanks to higher power consumption and seasonal demand for air conditioning.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	12,472.87	13,176.21	5.6 %
Gross Income	2,813.69	3,023.16	7.4 %
Operating Income	2,586.03	2,854.81	10.4 %
Net Income	2,668.33	2,921.06	9.5 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.64	0.70	9.5 %

Item	Q2 2015	Q3 2015	Change‬
Revenues	11,917.40	13,176.21	10.6 %
Gross Income	2,122.48	3,023.16	42.4 %
Operating Income	1,869.18	2,854.81	52.7 %
Net Income	1,970.64	2,921.06	48.2 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.47	0.70	48.2 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q1 2015	7,485.98	5.9 %	(1246.39)	(44.2 %)	(1939.69)	(112.4 %)	(0.47)
Q2 2015	11,917.40	13.6 %	2,122.48	58.2 %	1,970.64	(46.1 %)	0.47
Q3 2015	13,176.21	5.6 %	3,023.16	7.4 %	2,921.06	9.5 %	0.70

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 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 %
Q1 2015	4.25 %	38.05 %	1.26 %
Q2 2015	6.04 %	39.41 %	2.83 %
Q3 2015	6.44 %	39.94 %	3.40 %

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 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 %)
Q1 2015	(16.65 %)	29.44 %	(25.91 %)
Q2 2015	17.81 %	46.46 %	16.54 %
Q3 2015	22.94 %	49.96 %	22.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2015	4,166.59	0.62	0.12	13.75
Q2 2015	4,166.59	0.22	0.27	14.10
Q3 2015	4,166.59	0.28	0.33	14.79

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 2006	More than 50	More than 50	2.53
Q2 2006	More than 50	More than 50	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	More than 50	More than 50	1.21
Q2 2008	47.63	47.63	1.07
Q3 2008	More than 50	More than 50	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
Q1 2015	28.16	More than 50	1.27
Q2 2015	More than 50	More than 50	1.22
Q3 2015	More than 50	48.98	1.11

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

Business Segments (Million)

Compared With The

Period	Saudi Electricity Company	National Electricity Transmission Company	Other Subsidiaries	Inter-Company Balances
Q3 2015	13,172.85	1,794.16	3.36	(1794.16)

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	2,732.00	2,921.06	6.92 %

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
SNB Capital	2,732.00	2,921.06	6.9 %

Financial Ratios

	Current
Market Cap (M Riyal)	72,831.99
Enterprise Value (EV) (M)	178,364.37
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)	20.52
P/E (TTM)	26.97
Price/book	0.81
Return on Average Assets (%) (TTM)	0.5
Return on Average Equity (%) (TTM)	3.0

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SEC’s net profit plunges 46% in nine-months 2015

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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

Business Segments (Million)

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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SEC’s net profit plunges 46% in nine-months 2015

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

Business Segments (Million) Q3 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)