Saudi Electricity Company announces its audited annual consolidated financial results for the fiscal year ended 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 72,079 | 69,338 | 3.95 | ||
| Gross Profit (Loss) | 19,760 | 20,542 | -3.81 | ||
| Operational Profit (Loss) | 17,986 | 17,561 | 2.42 | ||
| Net Profit (Loss) after Zakat and Tax | 15,135 | 14,391 | 5.17 | ||
| Total Comprehensive Income | 16,289 | 14,494 | 12.38 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 257,051 | 251,624 | 2.16 | ||
| Profit (Loss) per Share | 1.79 | 1.62 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The increase in the net profit this year compared to the prior year is mainly attributable to 1) higher operating revenue mainly driven by the growth in demand for electric power and the increase in the balancing account amounts compared to the prior year, 2) higher other income mainly due to recorded non-recurring items, and 3) higher income from equity accounted investees mainly due to the change in classification of SEC’s interest in IPPs, from being accounted as joint operations to joint ventures.
Furthermore, higher operating revenue as well as higher other income have been partially offset by higher purchased power costs and fuel costs, which were mainly driven by growth in demand for electric power. This in addition to the increase in provisions for receivables from electricity sales and others, and a marginal increase in net financing costs. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Reclassification of Comparison Items | None |
| Additional Information | Adjusted net profit for 2022 )net profit attributable to common shares after deducting Mudaraba Instrument profit of 7.7 BSR( amounted to 7.5 BSR compared to 6.7 BSR for the prior year, representing an increase of 11%. Accordingly 2022 basic and diluted earnings per share arrived at SAR 1.79 compared to SAR 1.62 of the prior year.
Shareholder equity for 2022 (total equity excluding Mudaraba instrument) amounted to 89.1 BSR compared to 83.7 BSR for the prior year, representing a growth rate of 6%.
The Company will organize a conference call to discuss financial results for the fiscal year 2022 with investors and financial analysts on Tuesday 21/03/2023 at 3:30 PM (KSA Time). Investors wishing to participate in this conference call are requested to contact the Company's Investor Relations Department at: |
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