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.
| 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 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 16,293.95 | 11,397.72 | (30.0 %) |
| Gross Income | 1,180.29 | (1192.35) | (201.0 %) |
| Operating Income | 849.13 | (1413.80) | (266.5 %) |
| Net Income | (591.37) | (2441.46) | (312.8 %) |
| Average Shares | 4,166.59 | 4,166.59 | - |
| EPS (Riyals) | (0.14) | (0.59) | (312.8 %) |
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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