Saudi Electricity Co. announces its estimated annual financial results for the period ending 31-12-2019
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 65,040 | 64,064 | 1.523 | ||
| Gross Profit (Loss) | 5,980 | 5,920 | 1.013 | ||
| Operational Profit (Loss) | 6,572 | 6,016 | 9.242 | ||
| Net Profit (Loss) after Zakat and Tax | 1,415 | 1,757 | -19.464 | ||
| Total Comprehensive Income | 677 | 2,364 | -71.362 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 73,605 | 73,678 | -0.099 | ||
| Profit (Loss) per Share | 0.34 | 0.42 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to | The decrease in net profit for the current year compared to the prior year is mainly due to lower electricity sales due to lower volume of electric power sold, which was primarily driven by consumption rationalization especially, this is coupled with higher depreciation cost and higher finance charges; the aforementioned factors was partially offset by an increase in the other items of operating revenue, in addition to the approval and activation of the balancing account of the electricity sector on the fiscal year 2019, which had a positive impact of an estimated increase of SAR 1.1 billion in the other operating revenue line for 2019. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | These estimated consolidated financial results for the period ended December 31, 2019 are prepared by the management of the Company and have not yet been reviewed by the external auditors |
| Reclassification of Comparison Items | Null |
| Additional Information | The net impact of activating the balancing account on SEC’s 2019 annual operating revenue compared to 2018 annual operating revenue is an increase of around SAR 1 billion.
The company applied IFRS 16 (leases) effective from of 1 January 2019. |
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