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Saudi Electricity Company announces its audited annual consolidated financial results for the fiscal year ended 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 75,330 | 72,079 | 4.51 | ||
| Gross Profit (Loss) | 15,521 | 19,760 | -21.45 | ||
| Operational Profit (Loss) | 14,166 | 17,986 | -21.24 | ||
| Net profit (Loss) | 10,249 | 15,135 | -32.28 | ||
| Total Comprehensive Income | 9,845 | 16,289 | -39.56 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 256,318 | 257,051 | -0.28 | ||
| Profit (Loss) per Share | 0.62 | 1.79 | |||
| 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 year compared to the last year | The increase in operating revenue during the current year compared to last year is mainly attributable to growing demand for electric power, continued growth in susbscribers’ base, growing transmission system revenues and higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection. These in addition to 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 year compared to the last year is | The decrease in the net profit of the current year compared to last year is mainly attributable to : 1) Higher operating and maintenance costs due to gorwing business and operating assets, increasing maintenance programs and higher loads. This is in addition to new costs from development projects to construct substations and transmission lines for SEC’s customers. 2) Increasing financing costs mainly due to the high-interest rates environment prevailing globally, in addition to the increase in financing costs attributable to additional funding obtained during the current year to finance the company's capital projects. 3) Booking of non-recuring expense item which reflected in lower net other income/ exspense The aforementioned items were partially offset by higher operating revenues and lower net provisions for receivables attributable to improvement in collections. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | Comparative figures have been reclassified |
| Additional Information | The Company will organize a conference call to discuss financial results for the fiscal year 2023 with investors and financial analysts on Monday 11-03-2024 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: IR@se.com.sa |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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