Saudi Electricity Company announces its interim consolidated condensed financial results for the period ended on 30-09-2023 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 23,799 | 22,750 | 4.61 | 19,718 | 20.7 |
| Gross Profit (Loss) | 7,744 | 7,496 | 3.31 | 6,055 | 27.89 |
| Operational Profit (Loss) | 7,185 | 7,192 | -0.1 | 5,834 | 23.16 |
| Net Profit (Loss) after Zakat and Tax | 5,844 | 6,375 | -8.33 | 4,017 | 45.48 |
| Total Comprehensive Income | 6,133 | 6,354 | -3.48 | 4,021 | 52.52 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 56,896 | 55,683 | 2.18 |
| Gross Profit (Loss) | 15,558 | 16,680 | -6.73 |
| Operational Profit (Loss) | 14,743 | 15,262 | -3.4 |
| Net Profit (Loss) after Zakat and Tax | 10,341 | 13,395 | -22.8 |
| Total Comprehensive Income | 10,586 | 14,151 | -25.19 |
| Total Share Holders Equity (after Deducting Minority Equity) | 260,921 | 259,060 | 0.72 |
| Profit (Loss) per Share | 1.11 | 1.84 | |
| 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 decreased in the current quarter compared to the same quarter last year is mainly due to higher financing costs mainly driven by the high-interest rates environment prevailing globally and the additional funding obtained during the current year to finance the company's capital projects. This in addition to booking Zakat provisions in a quarterly basis starting from 2023. The aforementioned items were partially offset by higher revenues and higher gross profit. |
| 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 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 decreased in the current period compared to the same period last year mainly due to:
• Higher financing costs mainly due to the prevailing high-interest rates environment globally and the additional funding obtained during the current year to finance the company's capital projects. • Higher operations & maintenance expenses due to business growth and increased planned maintenance. As well as, the introduction of new projects into operations compared to the same period last year. • Higher depreciation of operation and maintenance assets attributable to the Company’s assets growth over the last twelve-month period. The aforementioned items were partially offset by higher operating revenue reflecting growth in power demand, continued growth in the subscribers’ base, and higher Transmission system revenue. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation of figures for the current period. |
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