Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 30-06-2022 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 19,402 | 18,580 | 4.42 | 13,531 | 43.39 |
| Gross Profit (Loss) | 6,545 | 6,458 | 1.35 | 2,638 | 148.1 |
| Operational Profit (Loss) | 5,861 | 6,129 | -4.37 | 2,209 | 165.32 |
| Net Profit (Loss) after Zakat and Tax | 5,502 | 5,828 | -5.59 | 1,517 | 262.69 |
| Total Comprehensive Income | 5,700 | 5,877 | -3.01 | 2,097 | 171.82 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 32,933 | 31,929 | 3.14 |
| Gross Profit (Loss) | 9,183 | 9,386 | -2.16 |
| Operational Profit (Loss) | 8,070 | 8,410 | -4.04 |
| Net Profit (Loss) after Zakat and Tax | 7,020 | 7,517 | -6.61 |
| Total Comprehensive Income | 7,797 | 7,808 | -0.14 |
| Total Share Holders Equity (after Deducting Minority Equity) | 252,706 | 248,800 | 1.57 |
| Profit (Loss) per Share | 0.77 | 0.89 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income decrease in the current quarter compared to same quarter last year is mainly attributable to higher booked receivable provisions due to increased average ageing. Furthermore, higher operating revenues attributed to growth in power demand has completely offset higher operating costs and general and administrative expenses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The increase in net income in the current quarter compared to the previous quarter of the current year is mainly due to sales seasonality. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net income decrease in the current period compared to same period last year is mainly attributable to higher operations and maintenance costs as well as higher booked receivable provisions due to increased average ageing. 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 has completely offset increased general and administrative expenses and higher financing costs during the current period. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Null |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation in the current periods. |
| Additional Information | Net profit attributable to common shares for the six months ended 30 June 2022 (after deducting profit attributable to Mudaraba Instrument of SAR 3,799 million) amounted to 3,220 million compared to a net profit of SAR 3,718 million for the same period last year, accordingly basic and diluted earnings per share the six months ended 30 June 2022 arrived at SAR 0.77 compared to SAR 0.89 for the same prior year period.
The Company will organize a conference call to discuss financial results of the six months ended 30 June 2022 with investors and financial analysts on wednesday 24/08/2022 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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