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.
| 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.
| 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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