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Saudi Electricity Company announces its interim consolidated condensed financial results for the period ended on 30-09-2024 (Nine Months)
5110
SAUDI ELECTRICITY
-0.26
%
1446/05/04 06/11/2024 08:20:21
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 28,316 | 23,799 | 18.979 | 22,379 | 26.529 |
| Gross Profit (Loss) | 8,757 | 7,744 | 13.081 | 5,167 | 69.479 |
| Operational Profit (Loss) | 8,284 | 7,185 | 15.295 | 5,589 | 48.219 |
| Net profit (Loss) | 6,898 | 5,844 | 18.035 | 4,345 | 58.757 |
| Total Comprehensive Income | 5,905 | 6,133 | -3.717 | 4,386 | 34.632 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 66,553 | 56,896 | 16.973 |
| Gross Profit (Loss) | 16,065 | 15,558 | 3.258 |
| Operational Profit (Loss) | 15,892 | 14,743 | 7.793 |
| Net profit (Loss) | 12,140 | 10,341 | 17.396 |
| Total Comprehensive Income | 11,492 | 10,586 | 8.558 |
| Total Shareholders Equity (after Deducting Minority Equity) | 260,645 | 260,921 | -0.105 |
| Profit (Loss) per Share | 1.33 | 1.11 | |
| 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 2) Increase in electricity production revenue and continued growth in subscriber base. 3) new revenue from development projects 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 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), 2) higher electric power generation revenue and continued growth in subscribers’ base, 3) new revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 4) The same quarter of the previous year was affected by the recording of non-recurring expenses that led to a decrease in net income and other expenses. The aforementioned items have been partially offset by 1) higher operating costs due to growing business and operating assets and higher loads, 2) increase provision for receivables electricity subscribers. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues for the current quarter compared to the previous quarter is mainly due to the increase in revenues of electric power production, continued growth in subscriber base, increase in the required revenue recognized during the current quarter. |
| 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), 2) coupled with increased demand for electric power and continued growth in subscribers’ base, 3) new revenue from development projects 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 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, 2) coupled with higher electric power generation revenue and continued growth in subscribers’ base 3) a decline in finance costs, 4) new revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 5) an increase in other revenues as a result of a one-off settlement with a supplier. 6) The same quarter of the previous year was affected by the recording of non-recurring expenses that led to a decrease in net income and other expenses. The aforementioned items have been partially offset by 1) higher operating costs due to growing business and increased operating assets and higher loads, 2) increase provision for receivables electricity subscribers. |
| 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 nine months ended 30 September 2024 (after deducting profit attributable to Mudaraba Instrument of SAR 6,582 million) amounted to SAR 5,558 million compared to a net profit of SAR 4,610 million for the same period last year. Accordingly, basic and diluted earnings per share for the nine months ended 30 September 2024 arrived at SAR 1.33 compared to SAR 1.11 for the same period last 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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