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Saudi Electricity Company (SEC) today released its financial results for the third quarter and the first nine months of 2023. The company recorded operating revenues of SAR 23.8 billion, compared to SAR 22.7 billion in the same quarter of the previous year, reflecting a 4.6% increase. The company attributed this substantial revenue growth primarily to increased demand for electrical energy during the summer season, which saw a 10% rise, as well as ongoing subscriber base growth. Additionally, the uptick in revenue from the transmission system was driven by heightened usage by subscribers, bolstered further by the revenue growth of Dawiyat Integrated Telecommunications & Information Technology Company, wholly owned by SEC, contributed to this positive trend through the due to growing utilization of FTTH fiber optic connections.
Despite a 5.3% year-on-year increase in operating costs, driven by business expansion and increased demand, the company's strong revenue growth outpaced these cost increases. This growth resulted in a 3.3% increase in gross profit for the quarter, reaching SAR 7.7 billion, up from SAR 7.5 billion in the same quarter of the previous year.
Operating profit for the third quarter remained stable compared to the same quarter of the previous year at SAR 7.2 billion. Net profit for the third quarter amounted to SAR 5.8 billion, compared to SAR 6.4 billion in the same quarter of the previous year, representing an 8.3% decrease. This decline was due to increased finance costs, a repercussion of global interest rate hikes and additional funding for capital projects, in addition to the company's booking of Zakat provisions on a quarterly basis during the current year. Basic and diluted earnings per share for the third quarter of 2023 was SAR 0.94, down from SAR 1.07 for the same period in the previous year.
For the first nine months of 2023, SEC reported operating revenues of SAR 56.9 billion, marking a 2.2% increase compared to SAR 55.7 billion for the same period in the previous year. Gross profit for this period reached SAR 15.6 billion, down from SAR 16.7 billion in the same period last year, representing a 6.7% decrease. Operating profit for the first nine months was SAR 14.7 billion, down 3.4% year-on-year from SAR 15.3 billion. Net profit for the nine months amounted to SAR 10.3 billion, down 22.8% year-on-year from SAR 13.4 billion. At the end of the third quarter of 2023, the company's total equity amounted to SAR 260.9 billion, with an annual growth rate of 0.7%.
Furthermore, Saudi Electricity Company attributed the year-on-year decline in net profit for the nine-month period ending on September 30, 2023 primarily to higher operations and maintenance costs driven by increased demand for electrical energy, business expansion, asset growth, enhanced maintenance programs, and new projects, in addition to rising finance costs, which were partially offset by increased operating revenues due to higher demand for electrical energy, ongoing subscriber base growth, and increased transmission system revenues from higher subscriber loads.
Commenting on the financial and operational results, Engineer Khaled bin Hamad Al-Gnoon, CEO of Saudi Electricity Company, said, "The company successfully met the unprecedented and substantial growth in electricity demand during this year's summer season, surpassing a 10% growth rate, where the growth in peak load of the electrical grid reached 8%, surpassing a record-breaking 70.6 gigawatts. This sustained upsurge in demand mirrors the burgeoning economic vitality within the Kingdom, a testament to the successful implementation of its Vision 2030 programs."
Al-Gnoon added, "Saudi Electricity is currently executing an ambitious strategy to fortify its leadership position and capitalize on growth opportunities. During the first nine months of 2023, the company's investments increased by 52%, exceeding SAR 29.5 billion, with approximately SAR 14 billion invested in the third quarter. Our ambitious investment strategy aims to inject a total investment of SAR 500 billion by 2030, to provide exceptional electrical services to our subscribers and playing a pivotal role in realizing the objectives outlined for the electricity sector under Vision 2030."
He further stated, "Our expansion plans also involve leveraging new complementary opportunities for our business, enhancing the economic value of our assets, and supporting the financial sustainability. As part of this strategy, last October, the company invested SAR 254 million to acquire a 25% stake in the Electric Vehicle Infrastructure Company, a closed joint-stock company wholly owned by the Public Investment Fund, which retains a 75% ownership stake. The company aims to provide fast charging services for electric vehicles in the Kingdom."
Al-Gnoon also highlighted, “The company's Consortium secured the projects of the power plants, Taibah 1 and Al-Qassim 1, with production capacity of 1.8 gigawatts each, and an estimated total investment of approximately SAR 14.6 billion. Additionally, Saudi Electricity Company received approval from Saudi Power Procurement Company "The Principal Buyer", enabling SEC to expand its Rabigh power plant by adding combined cycle gas turbines with a production capacity of 1.2 gigawatts. This strategic move reinforces the company's leading position in the electricity generation sector in the Kingdom.”
Al-Gnoon further emphasized, “These achievements and the continuous improvement in service quality would not have been possible without the significant support that the electricity sector receives from the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and His Royal Highness Crown Prince Mohammed bin Salman, along with the guidance and continuous oversight of His Royal Highness Prince Abdulaziz bin Salman, the Minister of Energy, who provide all the necessary resources to overcome all obstacles and challenges facing the electricity sector in its development and improvement of services to subscribers.”
It is worth mentioning that the company successfully issued dual-tranche Sukuk worth USD 2 billion in April last year, comprising a USD 1.2 billion green Sukuk tranche with a ten-year maturity and an USD 800 million conventional Sukuk tranche with a thirty-year maturity, as part of its international Sukuk program. Additionally, last October, the company entered into an international syndicated facility agreement worth USD 3 billion (equivalent to SAR 11.25 billion) with four leading banks in the region. During the prominent global economic event – Future Investment Initiative – in Riyadh, the company stated that the obtained financing supports its investment plans to provide better electrical services to subscribers while simultaneously enhancing the organization's asset base, which is expected to bolster its financial position and revenue growth prospects.
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