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Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 31-03-2025 (Three Months)

5110
SAUDI ENERGY
1.73 %
1446/11/16     14/05/2025 08:47:28

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 19,50015,85822.96622,112-11.812
Gross Profit (Loss) 2,8742,14034.2991,421102.251
Operational Profit (Loss) 2,3482,01916.295-4,122-
Net profit (Loss) 9688977.915-5,273-
Total Comprehensive Income 7521,200-37.333-4,854-
All figures are in (Millions) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Shareholders Equity (after Deducting Minority Equity) 257,811257,5180.113
Profit (Loss) per Share -0.29-0.31
All figures are in (Millions) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
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 in the grid's regulated asset base 2) Increase in electricity production revenue and continued demand growth. 3) an increase in revenue from projects development and management to construct substations and transmission lines on behalf of 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 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, due to an increase in the grid's regulated asset base 2) Increase in electricity production revenue and continued growth in demand.

The aforementioned items have been partially offset by 1) higher net financing charges reflecting increased financing to fund SEC expanding capital expenditures and enhance its business growth,

2) increase in provision for electricity subscribers’ receivables.

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.
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 reflecting seasonality of sales. Additionally, the previous quarter included the recognizing of non-recurring expenses based on the decision of the Ministerial Committee for the restructuring of the Electricity Sector and SEC to approve a final settlement of historically disputed amounts related to technical differences in fuel quantities and prices, handling costs, and electrical energy.
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 Certain comparative figures have been reclassified to conform to the presentation in the current period
Additional Information The net loss attributable to ordinary shares for the first quarter of 2025 (after deducting the dividends of the Mudaraba instrument in the amount of 2,162 million Saudi riyals) amounted to 1,194 million Saudi riyals, compared to a net loss of 1,289 million Saudi riyals for the same period of the previous year. Accordingly, the basic and diluted loss per share amounted to 0.29 riyals for the current period, compared to a loss of 0.31 riyals for the same period of the previous year.

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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