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Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 31-03-2024 (Three Months)

5110
SAUDI ELECTRICITY
-0.73 %
1445/11/04     12/05/2024 08:23:30

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 15,85813,37918.52918,434-13.974
Gross Profit (Loss) 2,1401,76021.59-37-
Operational Profit (Loss) 2,0191,72417.111-577-
Net profit (Loss) 89748086.875-91-
Total Comprehensive Income 1,200432177.777-741-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 257,518257,4830.013
Profit (Loss) per Share -0.31-0.34
All figures are in (Millions) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Millions) Saudi Arabia, Riyals


Element ListExplanation
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 regulated weighted average cost of capital (Regulatory WACC) and growing regulated asset base (RAB), and growing 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, and 3) higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection.
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 of 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 attributed to increased Regulatory WACC and growing regulated asset base, 2) new revenue from development projects to construct substations and transmission lines for SEC’s customers and, 3) higher revenue from Dawiyat Company driven by growing subscribers’ base for FTTH connection, 4) lower financing costs, 5) higher SEC’s share of profits on equity accounted investees, and 6) lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality.

The aforementioned items have been partially offset by: 1) higher operating and maintenance costs due to growing business and operating assets and higher loads, 2) higher general and administrative expenses, and 3) higher Zakat provisions

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The decrease in revenues during the current quarter compared to the previous quarter is mainly due lower volume sold reflecting seasonality of sales. This has been partially offset by the increase in the required revenue recognized during the current quarter attributed to increased Regulatory WACC and growing regulated asset base.
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 during the current quarter compared to the previous quarter is mainly due to a decrease in the company’s operating costs as a result of lower volume sold in the current quarter, in addition to the increase in the required revenue recognized during the current quarter as a result of increased Regulatory WACC and growing regulated asset base.
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 -

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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Last Price 16.42
Net Change -0.12 (-0.73%)
Value Traded (Sar) 47,493,561.94
Volume Traded 2,879,219
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