| Element List |
Explanation |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is |
The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year, is mainly attributed to: 1) the increase in required revenue recognized during the current quarter, due to an increase regulated weighted average cost of capital (Regulatory WACC) and growing regulated asset base (RAB), and growing demand for electric power and continued growth in subscribers’ base, 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers, and 3) higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is |
The increase in net profit of the current quarter compared to the corresponding quarter of the previous year is mainly due to: 1) the increase in required revenue recognized during the current quarter attributed to increased Regulatory WACC and growing regulated asset base, 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers and, 3) higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection, 4) lower financing costs, 5) higher SEC’s share of profits on equity accounted investees, and 6) lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality. The aforementioned items have been partially offset by: 1) higher operating and maintenance costs due to growing business and operating assets and higher loads, 2) higher general and administrative expenses, and 3) higher Zakat provisions |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is |
The decrease in revenues during the current quarter compared to the previous quarter is mainly due lower volume sold reflecting seasonality of sales. This has been partially offset by the increase in the required revenue recognized during the current quarter attributed to increased Regulatory WACC and growing regulated asset base. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
The increase in net profit during the current quarter compared to the previous quarter is mainly due to a decrease in the company’s operating costs as a result of lower volume sold in the current quarter, in addition to the increase in the required revenue recognized during the current quarter as a result of increased Regulatory WACC and growing regulated asset base. |
| Statement of the type of external auditor's report |
Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) |
None |
| Reclassification of Comparison Items |
None |
| Additional Information |
- |
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