Saudi Electricity net profit drops 21% in FY2019

29/01/2020 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

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