Saudi Electricity cuts losses after Mudaraba to SAR 1.3B in Q1 2024

12/05/2024 Argaam Exclusive

Saudi Electricity Co. (SEC) narrowed Q1 2024 net losses to SAR 1.3 billion (after deducting the payments of Mudaraba coupon) from SAR 1.4 billion in the year-earlier period.

 

Before deducting the Mudaraba coupon, Q1 2024 earnings reached SAR 897 billion, up from SAR 480 billion in 2022.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 13,379.21 15,858.49 18.5 %
Gross Income 1,759.78 2,140.45 21.6 %
Operating Income 1,403.31 1,748.72 24.6 %
Net Income before deducting Mudaraba Instrument profit 479.74 897.18 87.0 %
Net Income (1409.36) (1288.82) 8.6 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 0.12 0.22 86.9 %
EPS (Riyals) (0.34) (0.31) 8.6 %

The decline in losses was driven by an increase in required revenue recognized during the current quarter, which was due to an increase in regulatory weighted average cost of capital (WACC) and a growing regulated asset portfolio.

 

This is in addition to new revenue from development projects to build substations and transmission lines for SEC customers, as well as higher revenue from Dawiyat Co. due to a growing subscriber base for FTTH connections.

 

The company also reported lower financing costs, a higher SEC’s share of profits on equity accounted investees, and lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality.

 

The aforementioned items have been partially offset by higher operating and maintenance costs due to growing business and operating assets and higher loads, higher general and administrative expenses, and higher Zakat provisions.

 

Sequentially, the utility provider narrowed losses in Q1 2024 from SAR 2.03 million in Q4 2023.

 

Total shareholders’ equity, no minority interest and after deducting Sukuk, reached SAR 89.59 billion as of March 31, 2024, compared to SAR 89.56 billion a year before.

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Share Price

Saudi Electricity Co.
16.84
(0.20) (1.17 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Financial Ratios
Current
Market Cap (M Riyal) 70,165.38
Enterprise Value (EV) (M) 192,573.56
Shares Outstanding ((M)) 4,166.59
EPS ( Riyal) (TTM) 0.85
Book Value (BV) ( Riyal) 22.25
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.91
P/E (TTM) 19.84
Price/book 0.76
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 7,485.98 5.9 % (1246.39) (44.2 %) (1401.59) (37.7 %)
Q2 2015 11,917.40 13.6 % 2,122.48 58.2 % 1,869.18 62.8 %
Q3 2015 13,176.21 5.6 % 3,023.16 7.4 % 2,854.81 10.4 %
Q4 2015 8,985.19 6.2 % (1344.46) (7.1 %) (1780.90) (10.7 %)
Q1 2016 8,894.70 18.8 % (342.01) 72.6 % (561.40) 59.9 %
Q2 2016 13,194.13 10.7 % 2,790.68 31.5 % 2,380.37 27.3 %
Q3 2016 17,132.99 30.0 % 5,587.18 84.8 % 5,333.62 86.8 %
Q4 2016 10,639.18 18.4 % (1183.38) 12.0 % (1360.63) 23.6 %
Q1 2017 8,920.29 0.3 % (653.65) (91.1 %) (909.52) (62.0 %)
Q2 2017 13,301.83 0.8 % 2,691.06 (3.6 %) 2,255.86 (5.2 %)
Q3 2017 16,986.31 (0.9 %) 5,608.94 0.4 % 5,337.57 0.1 %
Q4 2017 11,476.56 7.9 % (956.35) 19.2 % (1434.41) (5.4 %)
Q1 2018 11,401.27 27.8 % (623.99) 4.5 % (937.36) (3.1 %)
Q2 2018 17,701.15 33.1 % 2,938.85 9.2 % 2,597.19 15.1 %
Q3 2018 21,930.17 29.1 % 5,970.99 6.5 % 5,697.76 6.7 %
Q4 2018 13,031.05 13.5 % (2366.24) (147.4 %) (2778.00) (93.7 %)
Q1 2019 11,395.24 (0.1 %) (636.38) (2.0 %) (943.00) (0.6 %)
Q2 2019 16,520.27 (6.7 %) 1,820.66 (38.0 %) 1,554.30 (40.2 %)
Q3 2019 20,830.54 (5.0 %) 3,759.55 (37.0 %) 3,419.16 (40.0 %)
Q4 2019 16,293.95 25.0 % 1,180.29 149.9 % 849.13 130.6 %
Q1 2020 11,397.72 0.0 % (1192.35) (87.4 %) (1413.80) (49.9 %)
Q2 2020 16,668.46 0.9 % 788.96 (56.7 %) 374.58 (75.9 %)
Q3 2020 20,517.11 (1.5 %) 3,340.09 (11.2 %) 2,864.58 (16.2 %)
Q4 2020 20,125.63 23.5 % 5,385.82 356.3 % 5,076.83 497.9 %
Q1 2021 13,348.37 17.1 % 2,928.08 345.6 % 2,147.85 251.9 %
Q2 2021 18,580.36 11.5 % 6,457.61 718.5 % 6,403.89 1609.6 %
Q3 2021 21,832.09 6.4 % 8,594.81 157.3 % 8,032.74 180.4 %
Q4 2021 15,577.22 (22.6 %) 2,561.46 (52.4 %) 1,997.65 (60.7 %)
Q1 2022 13,531.32 1.4 % 2,638.39 (9.9 %) 2,057.38 (4.2 %)
Q2 2022 19,401.68 4.4 % 6,544.77 1.3 % 5,787.59 (9.6 %)
Q3 2022 22,749.62 4.2 % 7,496.39 (12.8 %) 6,913.51 (13.9 %)
Q4 2022 16,396.81 5.3 % 3,080.27 20.3 % 2,013.34 0.8 %
Q1 2023 13,379.21 (1.1 %) 1,759.78 (33.3 %) 1,403.31 (31.8 %)
Q2 2023 19,717.53 1.6 % 6,054.87 (7.5 %) 5,686.00 (1.8 %)
Q3 2023 23,799.09 4.6 % 7,743.56 3.3 % 7,185.00 3.9 %
Q4 2023 18,433.84 12.4 % (36.83) (101.2 %) (882.55) (143.8 %)
Q1 2024 15,858.49 18.5 % 2,140.45 21.6 % 1,748.72 24.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 (1939.69) (112.4 %) (0.47) - (1939.69) (0.47)
Q2 2015 1,970.64 (46.1 %) 0.47 - 1,970.64 0.47
Q3 2015 2,921.06 9.5 % 0.70 - 2,921.06 0.70
Q4 2015 (1444.55) 19.8 % (0.35) 201.51 (1646.06) (0.40)
Q1 2016 (798.31) 58.8 % (0.19) - (798.31) (0.19)
Q2 2016 2,242.00 13.8 % 0.54 - 2,242.00 0.54
Q3 2016 4,928.41 68.7 % 1.18 - 4,928.41 1.18
Q4 2016 (1826.85) (26.5 %) (0.44) (110.26) (1716.59) (0.41)
Q1 2017 4,935.78 718.3 % 1.18 6,119.55 (1183.77) (0.28)
Q2 2017 2,231.59 (0.5 %) 0.54 - 2,231.59 0.54
Q3 2017 5,261.87 6.8 % 1.26 - 5,261.87 1.26
Q4 2017 (5521.23) (202.2 %) (1.33) (2597.31) (2923.36) (0.70)
Q1 2018 (1214.05) (124.6 %) (0.29) - (1214.05) (0.29)
Q2 2018 1,846.55 (17.3 %) 0.44 - 1,846.55 0.44
Q3 2018 4,925.47 (6.4 %) 1.18 - 4,925.47 1.18
Q4 2018 (3800.84) 31.2 % (0.91) - (3800.84) (0.91)
Q1 2019 (1489.23) (22.7 %) (0.36) - (1489.23) (0.36)
Q2 2019 788.77 (57.3 %) 0.19 - 788.77 0.19
Q3 2019 2,679.39 (45.6 %) 0.64 - 2,679.39 0.64
Q4 2019 (591.37) 84.4 % (0.14) - (591.37) (0.14)
Q1 2020 (2441.46) (63.9 %) (0.59) (240.42) (2201.04) (0.53)
Q2 2020 (868.56) (210.1 %) (0.21) (597.36) (271.21) (0.07)
Q3 2020 2,200.58 (17.9 %) 0.53 29.68 2,170.90 0.52
Q4 2020 3,207.62 642.4 % 0.77 - 3,207.62 0.77
Q1 2021 (199.98) 91.8 % (0.05) - (199.98) (0.05)
Q2 2021 3,917.98 551.1 % 0.94 (484.61) 4,402.59 1.06
Q3 2021 5,448.49 147.6 % 1.31 - 5,448.49 1.31
Q4 2021 (2436.99) (176.0 %) (0.58) (863.44) (1573.56) (0.38)
Q1 2022 (371.86) (85.9 %) (0.09) - (371.86) (0.09)
Q2 2022 3,592.18 (8.3 %) 0.86 - 3,592.18 0.86
Q3 2022 4,444.14 (18.4 %) 1.07 - 4,444.14 1.07
Q4 2022 (190.61) 92.2 % (0.05) - (190.61) (0.05)
Q1 2023 (1409.36) (279.0 %) (0.34) - (1409.36) (0.34)
Q2 2023 2,106.83 (41.3 %) 0.51 - 2,106.83 0.51
Q3 2023 3,912.76 (12.0 %) 0.94 (844.26) 4,757.02 1.14
Q4 2023 (2022.29) (960.9 %) (0.49) - (2022.29) (0.49)
Q1 2024 (1288.82) 8.6 % (0.31) - (1288.82) (0.31)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 4.25 % 38.05 % 1.26 %
Q2 2015 6.04 % 39.41 % 2.83 %
Q3 2015 6.44 % 39.94 % 3.40 %
Q4 2015 6.15 % 39.64 % 3.14 %
Q1 2016 8.05 % 39.45 % 5.69 %
Q2 2016 9.33 % 38.66 % 6.14 %
Q3 2016 13.88 % 39.88 % 9.80 %
Q4 2016 13.74 % 38.65 % 9.34 %
Q1 2017 13.11 % 38.91 % 8.56 %
Q2 2017 12.88 % 39.68 % 8.52 %
Q3 2017 12.97 % 41.21 % 9.21 %
Q4 2017 13.20 % 41.47 % 6.68 %
Q1 2018 12.64 % 40.23 % 6.31 %
Q2 2018 12.10 % 38.46 % 5.16 %
Q3 2018 11.73 % 36.01 % 4.21 %
Q4 2018 9.24 % 33.58 % 2.74 %
Q1 2019 9.22 % 34.44 % 2.31 %
Q2 2019 7.62 % 33.97 % 0.67 %
Q3 2019 4.17 % 31.96 % (2.95 %)
Q4 2019 9.42 % 36.28 % 2.13 %
Q1 2020 8.56 % 35.60 % 1.04 %
Q2 2020 6.96 % 33.79 % (0.59 %)
Q3 2020 6.35 % 33.22 % (1.38 %)
Q4 2020 12.11 % 37.39 % 4.23 %
Q1 2021 17.61 % 41.45 % 6.95 %
Q2 2021 24.96 % 48.92 % 13.20 %
Q3 2021 31.62 % 55.29 % 17.40 %
Q4 2021 29.63 % 55.20 % 11.65 %
Q1 2022 29.13 % 54.81 % 11.37 %
Q2 2022 28.91 % 53.18 % 10.09 %
Q3 2022 27.00 % 50.62 % 8.55 %
Q4 2022 27.41 % 50.10 % 10.37 %
Q1 2023 26.25 % 49.35 % 8.95 %
Q2 2023 25.46 % 49.18 % 6.85 %
Q3 2023 25.43 % 49.38 % 7.18 %
Q4 2023 20.60 % 42.96 % 4.56 %
Q1 2024 20.44 % 42.36 % 4.57 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 4,166.59 0.62 0.12 13.75
Q2 2015 4,166.59 0.22 0.27 14.10
Q3 2015 4,166.59 0.28 0.33 14.79
Q4 2015 4,166.59 0.36 0.31 14.48
Q1 2016 4,166.59 0.64 0.59 14.16
Q2 2016 4,166.59 0.70 0.65 14.38
Q3 2016 4,166.59 1.18 1.13 15.43
Q4 2016 4,166.59 1.09 1.12 15.74
Q1 2017 4,166.59 2.47 1.02 16.93
Q2 2017 4,166.59 2.46 1.02 17.33
Q3 2017 4,166.59 2.54 1.10 18.59
Q4 2017 4,166.59 1.66 0.81 17.35
Q1 2018 4,166.59 0.18 0.81 16.97
Q2 2018 4,166.59 0.09 0.71 17.29
Q3 2018 4,166.59 0.01 0.63 18.50
Q4 2018 4,166.59 0.42 0.42 17.68
Q1 2019 4,166.59 0.36 0.36 17.29
Q2 2019 4,166.59 0.10 0.10 17.25
Q3 2019 4,166.59 (0.44) (0.44) 17.88
Q4 2019 4,166.59 0.33 0.33 17.66
Q1 2020 4,166.59 0.10 0.16 16.96
Q2 2020 4,166.59 (0.29) (0.09) 16.54
Q3 2020 4,166.59 (0.41) (0.21) 17.08
Q4 2020 4,166.59 0.50 0.70 19.17
Q1 2021 4,166.59 1.04 1.18 19.63
Q2 2021 4,166.59 2.19 2.30 19.41
Q3 2021 4,166.59 2.97 3.09 21.20
Q4 2021 4,166.59 1.62 1.94 20.09
Q1 2022 4,166.59 1.57 1.90 20.59
Q2 2022 4,166.59 1.50 1.70 20.35
Q3 2022 4,166.59 1.25 1.46 21.87
Q4 2022 4,166.59 1.79 1.79 21.39
Q1 2023 4,166.59 1.54 1.54 21.50
Q2 2023 4,166.59 1.19 1.19 20.85
Q3 2023 4,166.59 1.06 1.26 22.32
Q4 2023 4,166.59 0.62 0.82 21.22
Q1 2024 4,166.59 0.65 0.85 21.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 28.16 More than 100 1.27
Q2 2015 79.95 62.81 1.22
Q3 2015 59.41 48.98 1.11
Q4 2015 8.14 9.40 1.08
Q1 2016 25.10 27.17 1.13
Q2 2016 27.89 29.96 1.36
Q3 2016 14.26 14.86 1.09
Q4 2016 3.88 3.79 1.43
Q1 2017 9.40 22.62 1.37
Q2 2017 10.35 24.94 1.47
Q3 2017 9.39 21.68 1.29
Q4 2017 2.38 4.86 1.21
Q1 2018 More than 100 25.75 1.22
Q2 2018 More than 100 29.20 1.20
Q3 2018 More than 100 25.34 0.87
Q4 2018 9.22 9.22 0.86
Q1 2019 46.39 46.39 0.95
Q2 2019 More than 100 More than 100 1.08
Q3 2019 NEG NEG 1.19
Q4 2019 15.60 15.60 1.15
Q1 2020 More than 100 98.16 0.94
Q2 2020 NEG NEG 0.94
Q3 2020 NEG NEG 1.01
Q4 2020 42.30 30.54 1.11
Q1 2021 22.56 19.95 1.20
Q2 2021 11.02 10.50 1.24
Q3 2021 9.06 8.72 1.27
Q4 2021 14.85 12.37 1.19
Q1 2022 16.84 13.97 1.29
Q2 2022 16.18 14.21 1.19
Q3 2022 19.56 16.79 1.12
Q4 2022 12.88 12.88 1.08
Q1 2023 15.12 15.12 1.09
Q2 2023 18.97 18.97 1.08
Q3 2023 17.97 15.09 0.85
Q4 2023 30.56 23.04 0.89
Q1 2024 30.37 23.15 0.92

Business Segments (Million)

Compared With The
Period Saudi Electricity Company National Electricity Transmission Company Other Subsidiaries Joint Operations Inter-Company Balances
Q3 2015 13,172.85 1,794.16 3.36 - (1794.16)
Q4 2015 8,955.63 1,866.48 3.51 - (1866.48)
Q1 2016 8,896.92 2,081.14 3.28 507.42 (2594.05)
Q2 2016 13,166.62 1,986.21 38.35 731.67 (2728.71)
Q3 2016 17,136.40 2,107.11 7.36 518.16 (2636.04)
Q4 2016 10,642.80 2,246.18 7.61 749.94 (3006.85)
Q1 2017 8,920.29 2,545.37 7.35 579.63 (3132.34)
Q2 2017 13,302.13 2,541.86 7.08 366.33 (2915.56)
Q3 2017 16,993.46 2,541.86 7.08 822.01 (3378.17)
Q4 2017 11,480.20 3,134.98 7.08 345.88 (3491.59)
Q1 2018 11,291.67 2,895.23 5.77 321.15 (3112.54)
Q2 2018 17,811.57 2,673.67 15.18 227.47 (3026.74)
Q3 2018 21,929.27 2,784.44 (2.30) 430.78 (3212.01)
Q4 2018 14,071.90 2,992.92 16.31 301.44 (4351.52)
Q1 2019 11,382.20 3,241.44 26.98 312.00 (3567.37)
Q2 2019 16,517.76 3,241.42 16.44 285.46 (3540.81)
Q3 2019 20,835.32 3,322.69 9.15 349.52 (3686.14)
Q4 2019 16,261.72 3,421.45 46.44 324.02 (3759.68)
Q1 2020 11,389.39 3,496.10 22.27 323.10 (3833.13)
Q2 2020 16,625.61 3,566.90 55.73 316.91 (3896.87)
Q3 2020 20,504.00 3,603.00 28.00 341.00 (3959.00)
Q4 2020 20,030.00 3,586.00 109.00 337.00 (3936.00)
Q1 2021 13,311.00 4,271.00 51.00 332.00 (4617.00)
Q2 2021 18,519.00 4,541.00 126.00 366.00 (4971.00)
Q4 2021 13,420.00 4,264.00 175.00 - (2282.00)
Q1 2022 13,418.00 4,683.00 426.00 - (4996.00)
Q2 2022 19,279.00 4,497.00 137.00 327.00 (4838.00)
Q1 2023 12,314.00 5,581.00 142.00 - (4658.00)
Q2 2023 18,825.00 5,452.00 147.00 - (4707.00)
Q3 2023 23,042.00 5,284.00 181.00 - (4707.00)
Q4 2023 15,373.00 8,968.00 152.00 - (6059.00)
Q1 2024 14,453.00 6,392.00 222.00 - (5209.00)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average (1429.50) (1288.82) 9.84 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
SNB Capital (1359.00) (1288.82) 5.2 %
Riyad Capital (1500.00) (1288.82) 14.1 %

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