Financial Results : Saudi Electricity widens Q1 2020 net losses to SAR 2.44 bln

Saudi Electricity widens Q1 2020 net losses to SAR 2.44 bln

03/05/2020 Argaam Exclusive

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Saudi Electricity Co. (SEC), the Kingdom's utility provider, widened net losses by 63.9% year-on-year (YoY) to SAR 2.44 billion for Q1 2020, compared to SAR 1.5 billion in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 11,395.24 11,397.72 0.0 %
Gross Income (636.38) (1192.35) (87.4 %)
Operating Income (943.00) (1413.80) (49.9 %)
Net Income (1489.23) (2441.46) (63.9 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (0.36) (0.59) (63.9 %)

The company cited due to higher cost of purchased power and finance charges, and reversal of provisions.

 

When compared to the previous quarter, net losses increased four-fold due to seasonal sales, and increase of SAR 1.1 billion in other operating revenue on the back of account balancing for the electricity sector in FY2019.

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