Saudi Electricity earns SAR 5.6B after Mudaraba in 9M 2024; Q3 at SAR 4.7B

06/11/2024 Argaam Exclusive

Saudi Electricity Co. (SEC) reported a net profit, after deducting the payments of Mudaraba coupon, of SAR 5.6 billion in the first nine months of 2024, compared to SAR 4.6 billion in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 56,895.83 66,553.00 17.0 %
Gross Income 15,558.21 16,065.00 3.3 %
Operating Income 14,743.00 15,892.00 7.8 %
Net Income before deducting Mudaraba Instrument profit 10,340.51 12,140.00 17.4 %
Net Income after deducting Mudaraba Instrument profit 4,610.22 5,558.00 20.6 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 2.48 2.91 17.4 %
EPS after deducting Mudaraba Instrument profit (Riyals) 1.11 1.33 20.6 %
Before Mudaraba coupon payments, SEC’s nine-month profit increased to SAR 12.1 billion, from SAR 10.3 billion in 9M 2023.
 
The profit rise was driven by higher revenue, due to an increase in the revenue required to be recognized during the current quarter.
 
This came on the back of a rise in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB).
 
The utility also reported higher power generation revenue and maintained growth in the subscriber base. It also generated new revenue from development projects to build substations and transmission lines on behalf of SEC’s customers.
 
SEC also cited lower financing costs (FCs). Moreover, the same quarter of the previous year was impacted by non-recurring expenses that led to a decrease in net income and other expenses.
 
On the other hand, operating and maintenance expenses increased, along with general and administrative expenses (G&A).


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 23,799.09 28,316.00 19.0 %
Gross Income 7,743.56 8,757.00 13.1 %
Operating Income 7,185.00 8,284.00 15.3 %
Net Income before deducting Mudaraba Instrument profit 5,843.84 6,898.00 18.0 %
Net Income 3,912.76 4,688.21 19.8 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.40 1.66 18.0 %
EPS (Riyals) 0.94 1.13 19.8 %
In Q3 2024, the utility reported a 19.8% rise in net profit to SAR 4.7 billion, compared to SAR 3.9 billion in Q3 2023, boosted by higher revenues and lower financing charges.
 
On a quarterly basis, net profit more than doubled from SAR 2.1 billion in Q2 2024.
 
Total shareholders’ equity, no minority interest – after Mudaraba coupon payments, decreased to SAR 92.7 billion as of Sept. 30, 2024, from SAR 93 billion a year earlier.

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Quarterly Actuals vs Estimates 06/11/2024

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Share Price

Saudi Electricity Co.
17.20
0.96 5.91 %

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Financial Ratios
Current
Market Cap (M Riyal) 67,665.42
Enterprise Value (EV) (M) 190,073.60
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) 22.09
P/E (TTM) 19.14
Price/book 0.73
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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