Financial Results : SEC’s net profit plunges 58% in FY15

SEC’s net profit plunges 58% in FY15

18/01/2016 Argaam Exclusive

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Saudi Electricity Co. (SEC), the largest utility services provider in the Gulf, reported a net profit of SAR 1.5 billion for the 2015 fiscal year, a 58 percent drop compared to the previous year. The company attributed lower profits to settlement of previous debts, while noting an improvement in operating costs and efficiency.



Financials (M)

Item 2014 2015 Change‬
Revenues 38,490.67 41,538.73 7.9 %
Gross Income 2,027.74 2,585.27 27.5 %
Operating Income 1,098.25 1,592.84 45.0 %
Net Income after deducting Mudaraba Instrument profit 3,606.59 1,543.64 (57.2 %)
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 0.87 0.37 (57.2 %)

 

SEC posted a net loss of SAR 1.45 billion in Q4-2015, against a loss of SAR 1.8 billion in the same quarter the previous year. In Q3-2015, the company had made a net profit of SAR 2.92 billion. The change was attributed to weather factors, as the company's revenues typically fall during winter.



Current Quarter Comparison (M)

Compared With The
Item Q4 2014 Q4 2015 Change‬
Revenues 8,458.89 8,985.19 6.2 %
Gross Income (1255.35) (1344.46) (7.1 %)
Operating Income (1609.13) (1780.90) (10.7 %)
Net Income (1801.80) (1444.55) 19.8 %
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (0.43) (0.35) 19.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q3 2012 10,890.00 9.5 % 3,038.32 27.3 % 2,809.43 32.2 %
Q4 2012 7,750.56 11.3 % (464.76) (1.0 %) (623.59) (13.9 %)
Q1 2013 6,423.27 8.1 % (576.52) (57.5 %) (741.67) (35.7 %)
Q2 2013 9,307.42 2.7 % 799.56 (42.9 %) 656.38 (47.9 %)
Q3 2013 11,804.47 8.4 % 2,914.36 (4.1 %) 2,730.18 (2.8 %)
Q4 2013 8,136.98 5.0 % (495.98) (6.7 %) (664.06) (6.5 %)
Q1 2014 7,069.18 10.1 % (864.11) (49.9 %) (1018.21) (37.3 %)
Q2 2014 10,489.73 12.7 % 1,341.82 67.8 % 1,147.87 74.9 %
Q3 2014 12,472.87 5.7 % 2,813.69 (3.5 %) 2,586.03 (5.3 %)
Q4 2014 8,458.89 4.0 % (1255.35) (153.1 %) (1609.13) (142.3 %)
Q1 2015 7,485.98 5.9 % (1246.39) (44.2 %) (1401.59) (37.7 %)
Q2 2015 11,917.40 13.6 % 2,122.48 58.2 % 1,869.18 62.8 %
Q3 2015 13,176.21 5.6 % 3,023.16 7.4 % 2,854.81 10.4 %
Q4 2015 8,985.19 6.2 % (1344.46) (7.1 %) (1780.90) (10.7 %)
2015 41,538.73 7.9 % 2,585.27 27.5 % 1,592.84 45.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2012 2,875.39 32.2 % 0.69 (22.18) 2,897.58 0.70
Q4 2012 (1091.30) (108.9 %) (0.26) (533.77) (557.53) (0.13)
Q1 2013 (657.36) (12.7 %) (0.16) - (657.36) (0.16)
Q2 2013 1,502.27 10.4 % 0.36 729.19 773.09 0.19
Q3 2013 2,852.83 (0.8 %) 0.68 - 2,852.83 0.68
Q4 2013 (661.88) 39.3 % (0.16) - (661.88) (0.16)
Q1 2014 (913.35) (38.9 %) (0.22) - (913.35) (0.22)
Q2 2014 3,657.81 143.5 % 0.88 2,338.83 1,318.98 0.32
Q3 2014 2,668.33 (6.5 %) 0.64 - 2,668.33 0.64
Q4 2014 (1801.80) (172.2 %) (0.43) (244.81) (1556.99) (0.37)
Q1 2015 (1939.69) (112.4 %) (0.47) - (1939.69) (0.47)
Q2 2015 1,970.64 (46.1 %) 0.47 - 1,970.64 0.47
Q3 2015 2,921.06 9.5 % 0.70 - 2,921.06 0.70
Q4 2015 (1444.55) 19.8 % (0.35) 201.51 (1646.06) (0.40)
2015 1,543.64 (57.2 %) 0.37 201.51 1,342.13 0.32

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2012 10.99 % 41.40 % 10.21 %
Q4 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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Business Segments (Million)

Compared With The
Period Saudi Electricity Company National Electricity Transmission Company Other Subsidiaries 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)

Analysts Estimates (Million)

Item Q4 2015 (e) Q4 2015 (a) Change‬
Average (1044.00) (1444.55) (38.4 %)

Estimates vs Actual (Million)

Item Q4 2015 (e) Q4 2015 (a) Change
SNB Capital (1044.00) (1444.55) (38.4) %


Financial Ratios
Current
Market Cap (M Riyal) 69,915.38
Enterprise Value (EV) (M) 196,629.30
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) 22.83
P/E (TTM) 19.78
Price/book 0.75
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Share Price

Saudi Electricity Co.
16.78
(0.08) (0.47 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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