Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 30-06-2024 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 22,379 | 19,718 | 13.495 | 15,858 | 41.121 |
| Gross Profit (Loss) | 5,167 | 6,055 | -14.665 | 2,140 | 141.448 |
| Operational Profit (Loss) | 5,589 | 5,834 | -4.199 | 2,019 | 176.82 |
| Net profit (Loss) | 4,345 | 4,017 | 8.165 | 897 | 384.392 |
| Total Comprehensive Income | 4,386 | 4,021 | 9.077 | 1,200 | 265.5 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 38,238 | 33,097 | 15.533 |
| Gross Profit (Loss) | 7,308 | 7,815 | -6.487 |
| Operational Profit (Loss) | 7,608 | 7,558 | 0.661 |
| Net profit (Loss) | 5,242 | 4,497 | 16.566 |
| Total Comprehensive Income | 5,587 | 4,453 | 25.465 |
| Total Shareholders Equity (after Deducting Minority Equity) | 254,740 | 254,788 | -0.018 |
| Profit (Loss) per Share | 0.21 | 0.17 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| 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 in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), coupled with increased 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 . |
| 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 for 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, due to an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), coupled with higher electric power generation revenue and continued growth in subscribers’ base, 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers, 3) decline in finance costs, 4) lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality, 5) an increase in other revenues as a result of a one-off settlement with a supplier.
The aforementioned items have been partially offset by 1) higher operating and maintenance costs due to growing business and operating assets and higher loads, and 2) higher general and administrative expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues during the current quarter compared to the previous quarter is mainly due to higher quantity sold reflecting seasonality of sales. |
| 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 for the current quarter compared to the previous quarter is mainly due to increase in operating revenues. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The increase in operating revenues during the current period compared to the corresponding period of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current quarter, driven by an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), coupled with increased 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 . |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The increase in net income during the current period compared to the corresponding period of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current period, driven by an increased Regulatory WACC and a growing regulated asset base, coupled with higher electric power generation revenue and continued growth in subscribers’ base 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers. 3) a decline in finance costs, 4) a lower provision for receivables from electricity consumption reflecting improved collections and sales seasonality, 5) an increase in other revenues as a result of a one-off settlement with a supplier.
The aforementioned items have been partially offset by 1) higher operating and maintenance costs due to growing business and increased operating assets and higher loads, 2) higher general and administrative expenses. |
| 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 | Net profit attributable to common shares for the six months ended 30 June 2024 (after deducting profit attributable to Mudaraba Instrument of SAR 4,372 million) amounted to SAR 870 million compared to a net profit of SAR 697 million for the same period last year. Accordingly, basic and diluted earnings per share for the six months ended 30 June 2024 arrived at SAR 0.21 compared to SAR 0.17 for the same period last year.
The Company will organize a conference call to discuss financial results for the period ending on 30-06-2024 (Six Months) with investors and financial analysts on Monday 12-08-2024 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: [email protected] |
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