Saudi Electricity widens Q1 loss by 23%

02/05/2019 Argaam Exclusive

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Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Saudi Electricity Co. (SEC), the Kingdom's utility provider, widened net losses by 22.65 percent year-on-year (YoY) to SAR 1.5 billion for Q1 2019, due to higher cost of finance despite lower operating expenses.

When compared to the previous quarter, net losses shrank by 60.5 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	11,401.27	11,395.24	(0.1 %)
Gross Income	(623.99)	(636.38)	(2.0 %)
Operating Income	(937.36)	(943.00)	(0.6 %)
Net Income	(1214.05)	(1489.23)	(22.7 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.29)	(0.36)	(22.7 %)

Item	Q4 2018	Q1 2019	Change‬
Revenues	13,031.05	11,395.24	(12.6 %)
Gross Income	(2366.24)	(636.38)	73.1 %
Operating Income	(2778.00)	(943.00)	66.1 %
Net Income	(3800.84)	(1489.23)	60.8 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.91)	(0.36)	60.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2015	8,985.19	6.2 %	(1344.46)	(7.1 %)	(1444.55)	19.8 %	(0.35)
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,543.64	(57.2 %)	0.37
Q1 2016	8,894.70	18.8 %	(342.01)	72.6 %	(798.31)	58.8 %	(0.19)
Q2 2016	13,194.13	10.7 %	2,790.68	31.5 %	2,242.00	13.8 %	0.54
Q3 2016	17,132.99	30.0 %	5,587.18	84.8 %	4,928.41	68.7 %	1.18
Q4 2016	10,639.18	18.4 %	(1183.38)	12.0 %	(1826.85)	(26.5 %)	(0.44)
2016	49,861.00	20.0 %	6,852.47	165.1 %	4,545.26	194.5 %	1.09
Q1 2017	8,920.29	0.3 %	(653.65)	(91.1 %)	4,935.78	718.3 %	1.18
Q2 2017	13,301.83	0.8 %	2,691.06	(3.6 %)	2,231.59	(0.5 %)	0.54
Q3 2017	16,986.31	(0.9 %)	5,608.94	0.4 %	5,261.87	6.8 %	1.26
Q4 2017	11,476.56	7.9 %	(956.35)	19.2 %	(5521.23)	(202.2 %)	(1.33)
2017	50,685.00	1.7 %	6,690.00	(2.4 %)	6,908.00	52.0 %	1.66
Q1 2018	11,401.27	27.8 %	(623.99)	4.5 %	(1214.05)	(124.6 %)	(0.29)
Q2 2018	17,701.15	33.1 %	2,938.85	9.2 %	1,846.55	(17.3 %)	0.44
Q3 2018	21,930.17	29.1 %	5,970.99	6.5 %	4,925.47	(6.4 %)	1.18
Q4 2018	13,031.05	13.5 %	(2366.24)	(147.4 %)	(3800.84)	31.2 %	(0.91)
2018	64,063.64	26.4 %	5,919.61	(11.5 %)	1,757.13	(74.6 %)	0.42
Q1 2019	11,395.24	(0.1 %)	(636.38)	(2.0 %)	(1489.23)	(22.7 %)	(0.36)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,543.64	(57.2 %)	0.37
2016	49,861.00	20.0 %	6,852.47	165.1 %	4,545.26	194.5 %	1.09
2017	50,685.00	1.7 %	6,690.00	(2.4 %)	6,908.00	52.0 %	1.66
2018	64,063.64	26.4 %	5,919.61	(11.5 %)	1,757.13	(74.6 %)	0.42

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	6.15 %	39.64 %	3.14 %
2015	6.22 %	39.79 %	3.23 %
Q1 2016	8.05 %	39.45 %	5.69 %
Q2 2016	9.33 %	38.66 %	6.14 %
Q3 2016	13.88 %	39.88 %	9.80 %
Q4 2016	13.74 %	38.65 %	9.34 %
2016	13.74 %	38.65 %	9.34 %
Q1 2017	13.11 %	38.91 %	8.56 %
Q2 2017	12.88 %	39.68 %	8.52 %
Q3 2017	12.97 %	41.21 %	9.21 %
Q4 2017	13.20 %	41.47 %	6.68 %
2017	13.20 %	41.47 %	7.14 %
Q1 2018	12.64 %	40.23 %	6.31 %
Q2 2018	12.10 %	38.46 %	5.16 %
Q3 2018	11.73 %	36.01 %	4.21 %
Q4 2018	9.24 %	33.58 %	2.74 %
2018	9.24 %	33.58 %	2.74 %
Q1 2019	9.22 %	34.44 %	2.31 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2015	6.22 %	39.79 %	3.23 %
2016	13.74 %	38.65 %	9.34 %
2017	13.20 %	41.47 %	7.14 %
2018	9.24 %	33.58 %	2.74 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2015	(14.96 %)	23.94 %	(18.32 %)
Q1 2016	(3.85 %)	30.13 %	(8.98 %)
Q2 2016	21.15 %	43.14 %	16.99 %
Q3 2016	32.61 %	50.78 %	28.77 %
Q4 2016	(11.12 %)	20.65 %	(16.13 %)
Q1 2017	(7.33 %)	31.61 %	(13.27 %)
Q2 2017	20.23 %	46.00 %	16.78 %
Q3 2017	33.02 %	55.39 %	30.98 %
Q4 2017	(8.33 %)	23.27 %	(25.47 %)
Q1 2018	(5.47 %)	28.00 %	(10.65 %)
Q2 2018	16.60 %	38.81 %	10.43 %
Q3 2018	27.23 %	44.57 %	22.46 %
Q4 2018	(18.16 %)	12.88 %	(29.17 %)
Q1 2019	(5.58 %)	32.80 %	(13.07 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2015	4,166.59	0.36	0.31	14.48
Q1 2016	4,166.59	0.64	0.59	14.16
Q2 2016	4,166.59	0.70	0.65	14.38
Q3 2016	4,166.59	1.18	1.13	15.43
Q4 2016	4,166.59	1.09	1.12	15.74
Q1 2017	4,166.59	2.47	1.02	16.93
Q2 2017	4,166.59	2.46	1.02	17.33
Q3 2017	4,166.59	2.54	1.10	18.59
Q4 2017	4,166.59	1.66	0.81	17.35
Q1 2018	4,166.59	0.18	0.81	16.97
Q2 2018	4,166.59	0.09	0.71	17.29
Q3 2018	4,166.59	0.01	0.63	18.50
Q4 2018	4,166.59	0.42	0.42	17.68
Q1 2019	4,166.59	0.36	0.36	17.29

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2015	4,166.59	0.37	0.32	14.48
2016	4,166.59	1.09	1.12	15.74
2017	4,166.59	1.66	0.87	17.35
2018	4,166.59	0.42	0.42	17.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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 100	1.27
Q2 2015	79.95	62.81	1.22
Q3 2015	59.41	48.98	1.11
Q4 2015	8.14	9.40	1.08
Q1 2016	25.10	27.17	1.13
Q2 2016	27.89	29.96	1.36
Q3 2016	14.26	14.86	1.09
Q4 2016	3.88	3.79	1.43
Q1 2017	9.40	22.62	1.37
Q2 2017	10.35	24.94	1.47
Q3 2017	9.39	21.68	1.29
Q4 2017	2.38	4.86	1.21
Q1 2018	More than 100	25.75	1.22
Q2 2018	More than 100	29.20	1.20
Q3 2018	More than 100	25.34	0.87
Q4 2018	9.22	9.22	0.86
Q1 2019	46.39	46.39	0.95

Period	P/E	Adjusted P/E	Price/book
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
2015	7.95	9.15	1.08
2016	3.88	3.79	1.43
2017	2.38	4.55	1.21
2018	9.22	9.22	0.86

Business Segments (Million)

Compared With The

Period	Saudi Electricity Company	National Electricity Transmission Company	Other Subsidiaries	Joint Operations	Inter-Company Balances
Q3 2015	13,172.85	1,794.16	3.36	-	(1794.16)
Q4 2015	8,955.63	1,866.48	3.51	-	(1866.48)
Q1 2016	8,896.92	2,081.14	3.28	507.42	(2594.05)
Q2 2016	13,166.62	1,986.21	38.35	731.67	(2728.71)
Q3 2016	17,136.40	2,107.11	7.36	518.16	(2636.04)
Q4 2016	10,642.80	2,246.18	7.61	749.94	(3006.85)
Q1 2017	8,920.29	2,545.37	7.35	579.63	(3132.34)
Q2 2017	13,302.13	2,541.86	7.08	366.33	(2915.56)
Q3 2017	16,993.46	2,541.86	7.08	822.01	(3378.17)
Q4 2017	11,480.20	3,134.98	7.08	345.88	(3491.59)
Q1 2018	11,291.67	2,895.23	5.77	321.15	(3112.54)
Q2 2018	17,811.57	2,673.67	15.18	227.47	(3026.74)
Q3 2018	21,929.27	2,784.44	(2.30)	430.78	(3212.01)
Q4 2018	14,071.90	2,992.92	16.31	301.44	(4351.52)
Q1 2019	11,382.20	3,241.44	26.98	312.00	(3567.37)

Period	Saudi Electricity Company	National Electricity Transmission Company	Other Subsidiaries	Joint Operations	Inter-Company Balances
2015	41,513.44	7,127.31	25.14	-	(7127.16)
2016	49,842.75	8,420.38	56.34	2,507.18	(10965.65)
2017	50,699.60	10,760.55	28.58	2,113.84	(12917.66)
2018	64,078.33	12,372.34	34.95	1,280.84	(13702.82)

Analysts Estimates (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change‬
Average	(1597.50)	(1489.23)	6.78 %

Estimates vs Actual (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change
SNB Capital	(1579.00)	(1489.23)	5.7 %
Sico	(1616.00)	(1489.23)	7.8 %

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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Saudi Electricity widens Q1 loss by 23%

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Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

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) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Saudi Electricity widens Q1 loss by 23%

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Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

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) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)