Saudi Electricity turns to loss of SAR 1.109 bln in 9M 2020

29/10/2020 Argaam Exclusive

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Saudi Electricity Company (SEC) reported a net loss after Zakat and tax of SAR 1.109 billion in the first nine months of 2020, compared to a net profit of SAR 1.979 billion in the same period last year.

The losses were mainly driven by non-recurring items, including recording of a settlement of fuel dues differences to Saudi Aramco and a change in the sales mix towards higher residential and lower commercial and governmental consumption during COVID-19 lockdown period. In addition, the company reported higher purchased power costs, finance charges and provisions.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	48,746.05	48,583.29	(0.3 %)
Gross Income	4,943.83	2,936.71	(40.6 %)
Operating Income	4,030.47	1,824.68	(54.7 %)
Net Income after deducting Mudaraba Instrument profit	1,978.93	(1109.44)	(156.1 %)
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	0.47	(0.27)	(156.1 %)

In Q3 2020, the utility provider reported a net profit after Zakat and tax of SAR 2.201 billion, down 18%, compared to SAR 2.679 billion in the same period last year.

The company turned to profit in Q3 2020, compared to a net loss after Zakat and tax of SAR 869 million in Q2 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	20,830.54	20,517.11	(1.5 %)
Gross Income	3,759.55	3,340.09	(11.2 %)
Operating Income	3,419.16	2,864.58	(16.2 %)
Net Income	2,679.39	2,200.58	(17.9 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.64	0.53	(17.9 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	16,668.46	20,517.11	23.1 %
Gross Income	788.96	3,340.09	323.4 %
Operating Income	374.58	2,864.58	664.7 %
Net Income	(868.56)	2,200.58	353.4 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.21)	0.53	353.4 %

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