Saudi Electricity Co. announces its interim consolidated condensed Financial results for the period ending on 2019-03-31 ( Three Months )

02 May 2019 09:21 AM

SAUDI ELECTRICITY 5110 9.60% 19.40 1.70

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	11,395	11,401	-0.052	13,032	-12.561
Total Profit (Loss)	-636	-624	1.923	-2,377	-73.243
Profit (Loss) Operational	-594	-643	-7.62	-2,133	-72.151
Net Profit (Loss) after Zakat and Tax	-1,489	-1,214	22.652	-3,773	-60.535
Total Comprehensive Income	-1,626	-1,138	42.882	-3,399	-52.162
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after deducting minority equity)	72,051	70,717	1.886
Profit (Loss) per Share	-0.36	-0.29
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The increase in net losses during the current quarter compared with the same prior year quarter is mainly attributable to higher finance charges. This is despite the decrease in operations and maintenance costs and general and administrative expenses driven by improved operational efficiency
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The decrease in net losses during the current quarter compared with the previous quarter of last year is due the allocation of provision expenses and higher finance charges in the previous quarter. This is in addition to lower operating costs driven by improved operational efficiency during the current quarter
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	None
Additional Information	Effective from 1 January 2019, The company has adopted IFRS 16. As note 2-1

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