Saudi Electricity swings to net profit of SAR 7.517 bln for H1 2021

08/08/2021 Argaam Exclusive

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Saudi Electricity Co. (SEC), the Kingdom’s utility provider, reported net profit after Zakat and tax of SAR 7.517 billion for H1 2021, versus net loss of SAR 3.31 billion in a year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	28,066.18	31,928.73	13.8 %
Gross Income	(403.39)	9,385.69	2426.7 %
Operating Income	(1039.90)	8,551.73	922.4 %
Net Income after deducting Mudaraba Instrument profit	(3310.02)	3,718.00	212.3 %
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	(0.79)	0.89	212.3 %

This was driven by the enactment of regulatory and financial reforms in the electricity sector in November 2020, which boosted operating revenue and cut financing costs.

The company also cited lower financing costs due to lower overall debt levels following the conversion of the government loans as part of the Mudarabah instrument signed in November 2020.

Deducting SAR 3.799 billion in dividend pertaining to the company’s agreement with the government, SEC would have reported SAR 3.718 billion in profit for H1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	16,668.46	18,580.36	11.5 %
Gross Income	788.96	6,457.61	718.5 %
Operating Income	374.58	6,403.89	1609.6 %
Net Income	(868.56)	3,917.98	551.1 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.21)	0.94	551.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	13,348.37	18,580.36	39.2 %
Gross Income	2,928.08	6,457.61	120.5 %
Operating Income	2,147.85	6,403.89	198.2 %
Net Income before deducting Mudaraba Instrument profit	1,689.13	5,828.08	245.0 %
Net Income	(199.98)	3,917.98	2059.2 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	0.41	1.39	239.0 %
EPS (Riyals)	(0.05)	0.94	2059.2 %

The second-quarter net profit stood at SAR 5.82 billion, versus net loss of SAR 869 million in Q2 2020, backed by higher operating revenue and growth in electricity sales.

On a sequential basis, net profit increased by more than three-fold.

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