Saudi Electricity turns to loss of SAR 1.109 bln in 9M 2020

29/10/2020 Argaam Exclusive

Saudi Electricity Company (SEC) reported a net loss after Zakat and tax of SAR 1.109 billion in the first nine months of 2020, compared to a net profit of SAR 1.979 billion in the same period last year. 

 

The losses were mainly driven by non-recurring items, including recording of a settlement of fuel dues differences to Saudi Aramco and a change in the sales mix towards higher residential and lower commercial and governmental consumption during COVID-19 lockdown period. In addition, the company reported higher purchased power costs, finance charges and provisions. 



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 48,746.05 48,583.29 (0.3 %)
Gross Income 4,943.83 2,936.71 (40.6 %)
Operating Income 4,030.47 1,824.68 (54.7 %)
Net Income after deducting Mudaraba Instrument profit 1,978.93 (1109.44) (156.1 %)
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 0.47 (0.27) (156.1 %)

In Q3 2020, the utility provider reported a net profit after Zakat and tax of SAR 2.201 billion, down 18%, compared to SAR 2.679 billion in the same period last year.

 

The company turned to profit in Q3 2020, compared to a net loss after Zakat and tax of SAR 869 million in Q2 2020. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 20,830.54 20,517.11 (1.5 %)
Gross Income 3,759.55 3,340.09 (11.2 %)
Operating Income 3,419.16 2,864.58 (16.2 %)
Net Income 2,679.39 2,200.58 (17.9 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) 0.64 0.53 (17.9 %)

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Share Price

Saudi Electricity Co.
16.60
(0.28) (1.66 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Financial Ratios
Current
Market Cap (M Riyal) 69,165.39
Enterprise Value (EV) (M) 195,879.31
Shares Outstanding ((M)) 4,166.59
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 22.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.58
P/E (TTM) 19.56
Price/book 0.75
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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