Saudi Electricity Co. (SEC) reported a net profit after Zakat and tax of SAR 1.38 billion for the fiscal year (FY) 2019, down 21% year-on-year (YoY), as compared to SAR 1.75 billion in FY2018.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 64,063.64 | 65,040.00 | 1.5 % |
| Gross Income | 5,919.61 | 6,124.12 | 3.5 % |
| Operating Income | 4,579.58 | 4,879.59 | 6.6 % |
| Net Income after deducting Mudaraba Instrument profit | 1,757.13 | 1,387.56 | (21.0 %) |
| Average Shares | 4,166.59 | 4,166.59 | - |
| EPS after deducting Mudaraba Instrument profit (Riyals) | 0.42 | 0.33 | (21.0 %) |
The earnings decrease is attributed to higher depreciation costs and finance charges despite increase in operating revenue and lower operations costs, the company said in a bourse statement.
These factors were partially offset by an increase in the other items of operating revenue, in addition to the approval and activation of the balancing account of the electricity sector in FY2019, which increased the other operating revenue line by SAR 1.1 billion.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 13,031.05 | 16,293.95 | 25.0 % |
| Gross Income | (2366.24) | 1,180.29 | 149.9 % |
| Operating Income | (2778.00) | 849.13 | 130.6 % |
| Net Income | (3800.84) | (591.37) | 84.4 % |
| Average Shares | 4,166.59 | 4,166.59 | - |
| EPS (Riyals) | (0.91) | (0.14) | 84.4 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 20,830.54 | 16,293.95 | (21.8 %) |
| Gross Income | 3,759.55 | 1,180.29 | (68.6 %) |
| Operating Income | 3,419.16 | 849.13 | (75.2 %) |
| Net Income | 2,679.39 | (591.37) | (122.1 %) |
| Average Shares | 4,166.59 | 4,166.59 | - |
| EPS (Riyals) | 0.64 | (0.14) | (122.1 %) |
SEC applied IFRS 16 (leases) effective from Jan. 1, 2019, which did not have any material impact on the company’s financial statements.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}