Financial Results : SEC net profit drops 75% in FY2018

SEC net profit drops 75% in FY2018

06/02/2019 Argaam Exclusive

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Saudi Electricity Co.’s (SEC) net profit after zakat and tax dropped 74.6 percent year-on-year (YoY) to SAR 1.76 billion for fiscal year 2018 as the company had non-recurring write off of municipality fees in year-earlier period.

 

In addition, the adoption of IFRS 15, higher financing charges and energy consumption rationalization also weighed on the annual results. 



Financials (M)

Item 2017 2018 Change‬
Revenues 50,685.00 64,063.64 26.4 %
Gross Income 6,690.00 5,919.61 (11.5 %)
Operating Income 5,249.51 4,579.58 (12.8 %)
Net Income after deducting Mudaraba Instrument profit 6,908.00 1,757.13 (74.6 %)
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 1.66 0.42 (74.6 %)

In the fourth quarter, the company was able to cut its losses to around SAR 3.8 billion, compared to SAR 5.5 billion a year earlier, attributed mainly to the non-recurring write off of municipality fees in year-earlier period.

 

The firm incurred loss in Q4 compared to a net profit of SAR 4.9 billion in the previous quarter on lower operating revenues because of sales seasonality. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2017 Q4 2018 Change‬
Revenues 11,476.56 13,031.05 13.5 %
Gross Income (956.35) (2366.24) (147.4 %)
Operating Income (1434.41) (2778.00) (93.7 %)
Net Income (5521.23) (3800.84) 31.2 %
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (1.33) (0.91) 31.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2016 8,894.70 18.8 % (342.01) 72.6 % (561.40) 59.9 %
Q2 2016 13,194.13 10.7 % 2,790.68 31.5 % 2,380.37 27.3 %
Q3 2016 17,132.99 30.0 % 5,587.18 84.8 % 5,333.62 86.8 %
Q4 2016 10,639.18 18.4 % (1183.38) 12.0 % (1360.63) 23.6 %
Q1 2017 8,920.29 0.3 % (653.65) (91.1 %) (909.52) (62.0 %)
Q2 2017 13,301.83 0.8 % 2,691.06 (3.6 %) 2,255.86 (5.2 %)
Q3 2017 16,986.31 (0.9 %) 5,608.94 0.4 % 5,337.57 0.1 %
Q4 2017 11,476.56 7.9 % (956.35) 19.2 % (1434.41) (5.4 %)
Q1 2018 11,401.27 27.8 % (623.99) 4.5 % (937.36) (3.1 %)
Q2 2018 17,701.15 33.1 % 2,938.85 9.2 % 2,597.19 15.1 %
Q3 2018 21,930.17 29.1 % 5,970.99 6.5 % 5,697.76 6.7 %
Q4 2018 13,031.05 13.5 % (2366.24) (147.4 %) (2778.00) (93.7 %)
2018 64,063.64 26.4 % 5,919.61 (11.5 %) 4,579.58 (12.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q1 2016 (798.31) 58.8 % (0.19) - (798.31) (0.19)
Q2 2016 2,242.00 13.8 % 0.54 - 2,242.00 0.54
Q3 2016 4,928.41 68.7 % 1.18 - 4,928.41 1.18
Q4 2016 (1826.85) (26.5 %) (0.44) (110.26) (1716.59) (0.41)
Q1 2017 4,935.78 718.3 % 1.18 6,119.55 (1183.77) (0.28)
Q2 2017 2,231.59 (0.5 %) 0.54 - 2,231.59 0.54
Q3 2017 5,261.87 6.8 % 1.26 - 5,261.87 1.26
Q4 2017 (5521.23) (202.2 %) (1.33) (2597.31) (2923.36) (0.70)
Q1 2018 (1214.05) (124.6 %) (0.29) - (1214.05) (0.29)
Q2 2018 1,846.55 (17.3 %) 0.44 - 1,846.55 0.44
Q3 2018 4,925.47 (6.4 %) 1.18 - 4,925.47 1.18
Q4 2018 (3800.84) 31.2 % (0.91) - (3800.84) (0.91)
2018 1,757.13 (74.6 %) 0.42 - 1,757.13 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2016 8.05 % 39.45 % 5.69 %
Q2 2016 9.33 % 38.66 % 6.14 %
Q3 2016 13.88 % 39.88 % 9.80 %
Q4 2016 13.74 % 38.65 % 9.34 %
Q1 2017 13.11 % 38.91 % 8.56 %
Q2 2017 12.88 % 39.68 % 8.52 %
Q3 2017 12.97 % 41.21 % 9.21 %
Q4 2017 13.20 % 41.47 % 6.68 %
Q1 2018 12.64 % 40.23 % 6.31 %
Q2 2018 12.10 % 38.46 % 5.16 %
Q3 2018 11.73 % 36.01 % 4.21 %
Q4 2018 9.24 % 33.58 % 2.74 %
2018 9.24 % 33.58 % 2.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2016 4,166.59 0.64 0.59 14.16
Q2 2016 4,166.59 0.70 0.65 14.38
Q3 2016 4,166.59 1.18 1.13 15.43
Q4 2016 4,166.59 1.09 1.12 15.74
Q1 2017 4,166.59 2.47 1.02 16.93
Q2 2017 4,166.59 2.46 1.02 17.33
Q3 2017 4,166.59 2.54 1.10 18.59
Q4 2017 4,166.59 1.66 0.81 17.35
Q1 2018 4,166.59 0.18 0.81 16.97
Q2 2018 4,166.59 0.09 0.71 17.29
Q3 2018 4,166.59 0.01 0.63 18.50
Q4 2018 4,166.59 0.42 0.42 17.68

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2016 25.10 27.17 1.13
Q2 2016 27.89 29.96 1.36
Q3 2016 14.26 14.86 1.09
Q4 2016 3.88 3.79 1.43
Q1 2017 9.40 22.62 1.37
Q2 2017 10.35 24.94 1.47
Q3 2017 9.39 21.68 1.29
Q4 2017 2.38 4.86 1.21
Q1 2018 More than 100 25.75 1.22
Q2 2018 More than 100 29.20 1.20
Q3 2018 More than 100 25.34 0.87
Q4 2018 9.22 9.22 0.86

Business Segments (Million)

Compared With The
Period Saudi Electricity Company National Electricity Transmission Company Other Subsidiaries Joint Operations 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)
Q1 2016 8,896.92 2,081.14 3.28 507.42 (2594.05)
Q2 2016 13,166.62 1,986.21 38.35 731.67 (2728.71)
Q3 2016 17,136.40 2,107.11 7.36 518.16 (2636.04)
Q4 2016 10,642.80 2,246.18 7.61 749.94 (3006.85)
Q1 2017 8,920.29 2,545.37 7.35 579.63 (3132.34)
Q2 2017 13,302.13 2,541.86 7.08 366.33 (2915.56)
Q3 2017 16,993.46 2,541.86 7.08 822.01 (3378.17)
Q4 2017 11,480.20 3,134.98 7.08 345.88 (3491.59)
Q1 2018 11,291.67 2,895.23 5.77 321.15 (3112.54)
Q2 2018 17,811.57 2,673.67 15.18 227.47 (3026.74)
Q3 2018 21,929.27 2,784.44 (2.30) 430.78 (3212.01)
Q4 2018 14,071.90 2,992.92 16.31 301.44 (4351.52)

Analysts Estimates (Million)

Item Q4 2018 (e) Q4 2018 (a) Change‬
Average (1727.50) (3800.84) (120.0 %)

Estimates vs Actual (Million)

Item Q4 2018 (e) Q4 2018 (a) Change
Sico (1749.00) (3800.84) (117.3) %
SNB Capital (1706.00) (3800.84) (122.8) %


Financial Ratios
Current
Market Cap (M Riyal) 70,332.04
Enterprise Value (EV) (M) 197,045.96
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) 22.97
P/E (TTM) 19.89
Price/book 0.76
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Share Price

Saudi Electricity Co.
16.88
0.10 0.60 %

Saudi Electricity Co. (SAUDI ELECTRICITY)

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