Saudi Electricity H1 2022 profit after Mudaraba falls 13% to SAR 3.22 bln, Q2 at SAR 3.592 bln

22/08/2022 Argaam Exclusive

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Saudi Electricity Co.’s (SEC) net profit declined 13% to SAR 3.22 billion in H1 2022 after deducting the SAR 3.799 billion payment of Mudaraba coupon, from SAR 3.178 billion in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	31,928.73	32,933.00	3.1 %
Gross Income	9,385.69	9,183.16	(2.2 %)
Operating Income	8,551.73	7,844.97	(8.3 %)
Net Income before deducting Mudaraba Instrument profit	7,517.21	7,019.52	(6.6 %)
Net Income after deducting Mudaraba Instrument profit	3,718.00	3,220.32	(13.4 %)
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	1.80	1.69	(6.4 %)
EPS after deducting Mudaraba Instrument profit (Riyals)	0.89	0.77	(13.4 %)

The profit decline was due to higher operations and maintenance costs, as well as higher booked receivable provisions on increased average aging. This is despite higher operating revenue that partially offset the increase in operating costs, driven by growing demand for electric power.

Furthermore, higher other income completely offset increased general and administrative expenses as well as higher financing costs during the current period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	18,580.36	19,401.68	4.4 %
Gross Income	6,457.61	6,544.77	1.3 %
Operating Income	6,403.89	5,787.59	(9.6 %)
Net Income before deducting Mudaraba Instrument profit	5,828.08	5,502.27	(5.6 %)
Net Income	3,917.98	3,592.18	(8.3 %)
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	1.39	1.32	(5.0 %)
EPS (Riyals)	0.94	0.86	(8.3 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	13,531.32	19,401.68	43.4 %
Gross Income	2,638.39	6,544.77	148.1 %
Operating Income	2,057.38	5,787.59	181.3 %
Net Income before deducting Mudaraba Instrument profit	1,517.25	5,502.27	262.6 %
Net Income	(371.86)	3,592.18	1066.0 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	0.36	1.32	266.9 %
EPS (Riyals)	(0.09)	0.86	1066.0 %

The second-quarter net profit stood at SAR 7.020 billion, compared with SAR 7.517 billion, due to higher booked receivable provisions on increased average aging.

On a sequential basis, the company turned to a net profit from a net loss of SAR 372 million.

Total shareholders’ equity, after minority interest, reached SAR 84.785 billion at the end of H1 2022, compared with SAR 80.879 billion a year earlier.

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