Financial Results : Saudi Electric. posts higher net profit at SAR 777m in Q2 of 2012

Saudi Electric. posts higher net profit at SAR 777m in Q2 of 2012

30/06/2012 Argaam Exclusive

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Financials (M)

Item 6m 2011 6m 2012 Change‬
Revenues 13,658.16 15,005.70 9.9 %
Gross Income 774.68 1,034.68 33.6 %
Operating Income 354.04 713.59 101.6 %
Net Income after deducting Mudaraba Instrument profit 561.10 776.97 38.5 %
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 0.13 0.19 38.5 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2011 Q2 2012 Change‬
Revenues 8,347.71 9,064.93 8.6 %
Gross Income 1,455.61 1,400.84 (3.8 %)
Operating Income 1,236.73 1,259.94 1.9 %
Net Income 1,334.78 1,360.33 1.9 %
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) 0.32 0.33 1.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2003 3,141.93 - 1,216.23 - (354.52) -
Q2 2003 4,009.21 - 1,660.23 - (25.64) -
Q3 2003 5,455.97 - 2,865.99 - 1,203.85 -
Q4 2003 4,938.24 - 2,357.82 - 486.60 -
Q1 2004 3,242.97 3.2 % 1,115.17 (8.3 %) (337.79) 4.7 %
Q2 2004 4,505.07 12.4 % 1,853.40 11.6 % 346.02 1449.6 %
Q3 2004 5,665.34 3.8 % 2,777.41 (3.1 %) 1,292.06 7.3 %
Q4 2004 4,162.41 (15.7 %) 1,306.79 (44.6 %) (297.09) (161.1 %)
Q1 2005 3,360.32 3.6 % 1,107.07 (0.7 %) (336.92) 0.3 %
Q2 2005 5,063.22 12.4 % 2,069.00 11.6 % 586.12 69.4 %
Q3 2005 6,095.74 7.6 % 2,927.52 5.4 % 1,440.43 11.5 %
Q4 2005 4,242.00 1.9 % 1,165.68 (10.8 %) (430.48) (44.9 %)
Q1 2006 3,424.40 1.9 % 973.04 (12.1 %) (462.00) (37.1 %)
Q2 2006 5,350.90 5.7 % 2,240.32 8.3 % 686.94 17.2 %
Q3 2006 6,392.33 4.9 % 3,112.89 6.3 % 1,544.72 7.2 %
Q4 2006 4,539.04 7.0 % 1,076.38 (7.7 %) (615.09) (42.9 %)
Q1 2007 3,664.21 7.0 % 978.71 0.6 % (535.07) (15.8 %)
Q2 2007 5,735.16 7.2 % 2,437.54 8.8 % 725.87 5.7 %
Q3 2007 6,968.36 9.0 % 3,390.36 8.9 % 1,685.00 9.1 %
Q4 2007 4,471.34 (1.5 %) 963.47 (10.5 %) (761.43) (23.8 %)
Q1 2008 3,932.93 7.3 % 854.51 (12.7 %) (831.00) (55.3 %)
Q2 2008 6,025.60 5.1 % 2,340.97 (4.0 %) 637.61 (12.2 %)
Q3 2008 7,209.25 3.5 % 3,240.29 (4.4 %) 1,545.30 (8.3 %)
Q4 2008 5,120.97 14.5 % 1,289.80 33.9 % (587.86) 22.8 %
Q1 2009 4,083.91 3.8 % (829.14) (197.0 %) (897.11) (8.0 %)
Q2 2009 6,394.52 6.1 % 690.03 (70.5 %) 621.51 (2.5 %)
Q3 2009 7,882.00 9.3 % 1,997.27 (38.4 %) 1,631.17 5.6 %
Q4 2009 5,490.52 7.2 % (417.57) (132.4 %) (570.42) 3.0 %
Q1 2010 4,566.27 11.8 % (730.39) 11.9 % (884.83) 1.4 %
Q2 2010 7,368.79 15.2 % 1,127.67 63.4 % 975.02 56.9 %
Q3 2010 9,444.84 19.8 % 2,413.73 20.9 % 2,195.41 34.6 %
Q4 2010 6,531.09 19.0 % (218.35) 47.7 % (435.20) 23.7 %
Q1 2011 5,310.46 16.3 % (680.93) 6.8 % (882.69) 0.2 %
Q2 2011 8,347.71 13.3 % 1,455.61 29.1 % 1,236.73 26.8 %
Q3 2011 9,944.76 5.3 % 2,387.02 (1.1 %) 2,124.96 (3.2 %)
Q4 2011 6,966.67 6.7 % (460.21) (110.8 %) (547.33) (25.8 %)
Q1 2012 5,940.77 11.9 % (366.16) 46.2 % (546.36) 38.1 %
Q2 2012 9,064.93 8.6 % 1,400.84 (3.8 %) 1,259.94 1.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2003 (338.04) - (0.08) - (338.04) (0.08)
Q2 2003 3.12 - 0.00 - 3.12 0.00
Q3 2003 1,210.81 - 0.29 - 1,210.81 0.29
Q4 2003 532.56 - 0.13 - 532.56 0.13
Q1 2004 (320.66) 5.1 % (0.08) - (320.66) (0.08)
Q2 2004 377.41 12008.1 % 0.09 - 377.41 0.09
Q3 2004 1,341.45 10.8 % 0.32 - 1,341.45 0.32
Q4 2004 (98.57) (118.5 %) (0.02) - (98.57) (0.02)
Q1 2005 (303.13) 5.5 % (0.07) - (303.13) (0.07)
Q2 2005 618.27 63.8 % 0.15 - 618.27 0.15
Q3 2005 1,449.04 8.0 % 0.35 - 1,449.04 0.35
Q4 2005 (281.14) (185.2 %) (0.07) - (281.14) (0.07)
Q1 2006 (436.11) (43.9 %) (0.10) - (436.11) (0.10)
Q2 2006 728.47 17.8 % 0.17 - 728.47 0.17
Q3 2006 1,613.40 11.3 % 0.39 - 1,613.40 0.39
Q4 2006 (491.92) (75.0 %) (0.12) - (491.92) (0.12)
Q1 2007 (434.03) 0.5 % (0.10) - (434.03) (0.10)
Q2 2007 784.97 7.8 % 0.19 - 784.97 0.19
Q3 2007 1,704.29 5.6 % 0.41 - 1,704.29 0.41
Q4 2007 (642.73) (30.7 %) (0.15) - (642.73) (0.15)
Q1 2008 (771.00) (77.6 %) (0.19) - (771.00) (0.19)
Q2 2008 780.97 (0.5 %) 0.19 - 780.97 0.19
Q3 2008 1,500.48 (12.0 %) 0.36 - 1,500.48 0.36
Q4 2008 (406.00) 36.8 % (0.10) - (406.00) (0.10)
Q1 2009 (771.03) (0.0 %) (0.19) - (771.03) (0.19)
Q2 2009 714.61 (8.5 %) 0.17 - 714.61 0.17
Q3 2009 1,730.68 15.3 % 0.42 - 1,730.68 0.42
Q4 2009 (531.61) (30.9 %) (0.13) - (531.61) (0.13)
Q1 2010 (782.22) (1.5 %) (0.19) - (782.22) (0.19)
Q2 2010 1,068.45 49.5 % 0.26 - 1,068.45 0.26
Q3 2010 2,316.63 33.9 % 0.56 - 2,316.63 0.56
Q4 2010 (323.78) 39.1 % (0.08) - (323.78) (0.08)
Q1 2011 (773.69) 1.1 % (0.19) - (773.69) (0.19)
Q2 2011 1,334.78 24.9 % 0.32 - 1,334.78 0.32
Q3 2011 2,174.54 (6.1 %) 0.52 - 2,174.54 0.52
Q4 2011 (522.48) (61.4 %) (0.13) (125.27) (397.21) (0.10)
Q1 2012 (583.35) 24.6 % (0.14) (51.09) (532.27) (0.13)
Q2 2012 1,360.33 1.9 % 0.33 (27.23) 1,387.56 0.33

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2003 - - -
Q2 2003 - - -
Q3 2003 - - -
Q4 2003 46.17 % 38.72 % 8.03 %
Q1 2004 45.33 % 39.02 % 8.08 %
Q2 2004 45.16 % 40.15 % 9.92 %
Q3 2004 44.16 % 40.27 % 10.52 %
Q4 2004 40.13 % 37.52 % 7.39 %
Q1 2005 39.82 % 37.23 % 7.44 %
Q2 2005 39.78 % 37.29 % 8.54 %
Q3 2005 39.67 % 37.25 % 8.92 %
Q4 2005 38.75 % 36.69 % 7.90 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2012 9.67 % 40.17 % 8.27 %
Q2 2012 9.28 % 40.05 % 8.25 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2003 4,166.59 - - 10.33
Q2 2003 4,166.59 - - 10.20
Q3 2003 4,166.59 - - 10.49
Q4 2003 4,166.59 0.34 0.34 10.62
Q1 2004 4,166.59 0.34 0.34 10.55
Q2 2004 4,166.59 0.43 0.43 10.51
Q3 2004 4,166.59 0.46 0.46 10.83
Q4 2004 4,166.59 0.31 0.31 10.88
Q1 2005 4,166.59 0.32 0.32 10.84
Q2 2005 4,166.59 0.37 0.37 10.84
Q3 2005 4,166.59 0.40 0.40 11.17
Q4 2005 4,166.59 0.36 0.36 11.10
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2003 - - 1.10
Q2 2003 - - 1.50
Q3 2003 - - 2.15
Q4 2003 11.24 11.24 1.91
Q1 2004 61.07 61.07 1.98
Q2 2004 56.71 56.71 2.33
Q3 2004 66.14 66.14 2.83
Q4 2004 16.06 16.06 2.45
Q1 2005 71.97 71.97 2.10
Q2 2005 66.46 66.46 2.29
Q3 2005 70.29 70.29 2.52
Q4 2005 15.33 15.33 2.62
Q1 2006 85.80 85.80 2.53
Q2 2006 67.77 67.77 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 53.27 53.27 1.21
Q2 2008 47.63 47.63 1.07
Q3 2008 50.18 50.18 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


Financial Ratios
Current
Market Cap (M Riyal) 70,998.69
Enterprise Value (EV) (M) 197,712.61
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) 23.18
P/E (TTM) 20.08
Price/book 0.77
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Share Price

Saudi Electricity Co.
17.04
(0.02) (0.12 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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