SEC’s H1 profit more than triples on fee write-off

19/07/2017 Argaam Exclusive

View other reports

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Saudi Electricity Co. (SEC) reported a net profit of SAR 7.2 billion for the first half of 2017, up from SAR 1.4 billion net profit in the year-earlier period. The year-on-year (YoY) jump in profit was attributed to non-recurring write off of municipality fees, as per a royal decree issued in February.

Financials (M)

Item	6m 2016	6m 2017	Change‬
Revenues	22,088.83	22,222.13	0.6 %
Gross Income	2,448.67	2,037.41	(16.8 %)
Operating Income	1,818.96	1,346.34	(26.0 %)
Net Income after deducting Mudaraba Instrument profit	1,443.70	7,167.37	396.5 %
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	0.35	1.72	396.5 %

Net profit for the second quarter slightly slid by 0.45 percent YoY to SAR 2.2 billion due to a rise in depreciation costs and an increase in power purchased from independent producers, plus a smaller increase in operating revenue. On a quarterly basis, Q2 net profit fell 55 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2016	Q2 2017	Change‬
Revenues	13,194.13	13,301.83	0.8 %
Gross Income	2,790.68	2,691.06	(3.6 %)
Operating Income	2,380.37	2,255.86	(5.2 %)
Net Income	2,242.00	2,231.59	(0.5 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.54	0.54	(0.5 %)

Item	Q1 2017	Q2 2017	Change‬
Revenues	8,920.29	13,301.83	49.1 %
Gross Income	(653.65)	2,691.06	511.7 %
Operating Income	(909.52)	2,255.86	348.0 %
Net Income	4,935.78	2,231.59	(54.8 %)
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	1.18	0.54	(54.8 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	3,932.93	7.3 %	854.51	(12.7 %)	(771.00)	(77.6 %)	(0.19)
Q2 2008	6,025.60	5.1 %	2,340.97	(4.0 %)	780.97	(0.5 %)	0.19
Q3 2008	7,209.25	3.5 %	3,240.29	(4.4 %)	1,500.48	(12.0 %)	0.36
Q4 2008	5,120.97	14.5 %	1,289.80	33.9 %	(406.00)	36.8 %	(0.10)
2008	22,288.74	7.0 %	7,725.56	(0.6 %)	1,104.45	(21.8 %)	0.27
Q1 2009	4,083.91	3.8 %	(829.14)	(197.0 %)	(771.03)	(0.0 %)	(0.19)
Q2 2009	6,394.52	6.1 %	690.03	(70.5 %)	714.61	(8.5 %)	0.17
Q3 2009	7,882.00	9.3 %	1,997.27	(38.4 %)	1,730.68	15.3 %	0.42
Q4 2009	5,490.52	7.2 %	(417.57)	(132.4 %)	(531.61)	(30.9 %)	(0.13)
2009	23,850.95	7.0 %	1,440.60	(81.4 %)	1,142.64	3.5 %	0.27
Q1 2010	4,566.27	11.8 %	(730.39)	11.9 %	(782.22)	(1.5 %)	(0.19)
Q2 2010	7,368.79	15.2 %	1,127.67	63.4 %	1,068.45	49.5 %	0.26
Q3 2010	9,444.84	19.8 %	2,413.73	20.9 %	2,316.63	33.9 %	0.56
Q4 2010	6,531.09	19.0 %	(218.35)	47.7 %	(323.78)	39.1 %	(0.08)
2010	27,910.99	17.0 %	2,592.66	80.0 %	2,279.09	99.5 %	0.55
Q1 2011	5,310.46	16.3 %	(680.93)	6.8 %	(773.69)	1.1 %	(0.19)
Q2 2011	8,347.71	13.3 %	1,455.61	29.1 %	1,334.78	24.9 %	0.32
Q3 2011	9,944.76	5.3 %	2,387.02	(1.1 %)	2,174.54	(6.1 %)	0.52
Q4 2011	6,966.67	6.7 %	(460.21)	(110.8 %)	(522.48)	(61.4 %)	(0.13)
2011	30,569.60	9.5 %	2,701.49	4.2 %	2,213.16	(2.9 %)	0.53
Q1 2012	5,940.77	11.9 %	(366.16)	46.2 %	(583.35)	24.6 %	(0.14)
Q2 2012	9,064.93	8.6 %	1,400.84	(3.8 %)	1,360.33	1.9 %	0.33
Q3 2012	10,890.00	9.5 %	3,038.32	27.3 %	2,875.39	32.2 %	0.69
Q4 2012	7,750.56	11.3 %	(464.76)	(1.0 %)	(1091.30)	(108.9 %)	(0.26)
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,561.07	15.7 %	0.61
Q1 2013	6,423.27	8.1 %	(576.52)	(57.5 %)	(657.36)	(12.7 %)	(0.16)
Q2 2013	9,307.42	2.7 %	799.56	(42.9 %)	1,502.27	10.4 %	0.36
Q3 2013	11,804.47	8.4 %	2,914.36	(4.1 %)	2,852.83	(0.8 %)	0.68
Q4 2013	8,136.98	5.0 %	(495.98)	(6.7 %)	(661.88)	39.3 %	(0.16)
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	3,035.87	18.5 %	0.73
Q1 2014	7,069.18	10.1 %	(864.11)	(49.9 %)	(913.35)	(38.9 %)	(0.22)
Q2 2014	10,489.73	12.7 %	1,341.82	67.8 %	3,657.81	143.5 %	0.88
Q3 2014	12,472.87	5.7 %	2,813.69	(3.5 %)	2,668.33	(6.5 %)	0.64
Q4 2014	8,458.89	4.0 %	(1255.35)	(153.1 %)	(1801.80)	(172.2 %)	(0.43)
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	3,606.59	18.8 %	0.87
Q1 2015	7,485.98	5.9 %	(1246.39)	(44.2 %)	(1939.69)	(112.4 %)	(0.47)
Q2 2015	11,917.40	13.6 %	2,122.48	58.2 %	1,970.64	(46.1 %)	0.47
Q3 2015	13,176.21	5.6 %	3,023.16	7.4 %	2,921.06	9.5 %	0.70
Q4 2015	8,985.19	6.2 %	(1344.46)	(7.1 %)	(1444.55)	19.8 %	(0.35)
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,543.64	(57.2 %)	0.37
Q1 2016	8,894.70	18.8 %	(342.01)	72.6 %	(798.31)	58.8 %	(0.19)
Q2 2016	13,194.13	10.7 %	2,790.68	31.5 %	2,242.00	13.8 %	0.54
Q3 2016	17,132.99	30.0 %	5,587.18	84.8 %	4,928.41	68.7 %	1.18
Q4 2016	10,639.18	18.4 %	(1183.38)	12.0 %	(1826.85)	(26.5 %)	(0.44)
2016	49,861.00	20.0 %	6,852.47	165.1 %	4,545.26	194.5 %	1.09
Q1 2017	8,920.29	0.3 %	(653.65)	(91.1 %)	4,935.78	718.3 %	1.18
Q2 2017	13,301.83	0.8 %	2,691.06	(3.6 %)	2,231.59	(0.5 %)	0.54

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	20,839.06	5.7 %	7,770.09	5.0 %	1,412.50	(0.1 %)	0.34
2008	22,288.74	7.0 %	7,725.56	(0.6 %)	1,104.45	(21.8 %)	0.27
2009	23,850.95	7.0 %	1,440.60	(81.4 %)	1,142.64	3.5 %	0.27
2010	27,910.99	17.0 %	2,592.66	80.0 %	2,279.09	99.5 %	0.55
2011	30,569.60	9.5 %	2,701.49	4.2 %	2,213.16	(2.9 %)	0.53
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,561.07	15.7 %	0.61
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	3,035.87	18.5 %	0.73
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	3,606.59	18.8 %	0.87
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,543.64	(57.2 %)	0.37
2016	49,861.00	20.0 %	6,852.47	165.1 %	4,545.26	194.5 %	1.09

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	36.22 %	34.76 %	5.10 %
Q2 2008	35.28 %	34.07 %	5.01 %
Q3 2008	34.19 %	33.23 %	4.01 %
Q4 2008	34.66 %	33.69 %	4.96 %
2008	34.66 %	33.69 %	4.96 %
Q1 2009	26.93 %	33.79 %	4.92 %
Q2 2009	19.25 %	34.11 %	4.55 %
Q3 2009	13.41 %	34.41 %	5.40 %
Q4 2009	6.04 %	34.91 %	4.79 %
2009	6.04 %	34.91 %	4.79 %
Q1 2010	6.33 %	34.96 %	4.65 %
Q2 2010	7.81 %	35.61 %	5.87 %
Q3 2010	8.91 %	37.64 %	7.71 %
Q4 2010	9.29 %	36.65 %	8.17 %
2010	9.29 %	36.65 %	8.17 %
Q1 2011	9.22 %	36.95 %	7.98 %
Q2 2011	10.02 %	38.06 %	8.62 %
Q3 2011	9.77 %	37.76 %	8.00 %
Q4 2011	8.84 %	38.83 %	7.65 %
2011	8.84 %	38.83 %	7.65 %
Q1 2012	9.67 %	40.17 %	8.27 %
Q2 2012	9.28 %	40.05 %	8.25 %
Q3 2012	10.99 %	41.40 %	10.21 %
Q4 2012	10.72 %	40.82 %	9.50 %
2012	10.72 %	40.82 %	9.50 %
Q1 2013	9.96 %	40.18 %	9.00 %
Q2 2013	8.14 %	38.70 %	7.14 %
Q3 2013	7.57 %	38.21 %	6.83 %
Q4 2013	7.40 %	38.44 %	6.47 %
2013	7.40 %	38.44 %	6.47 %
Q1 2014	6.48 %	37.80 %	5.65 %
Q2 2014	7.72 %	39.12 %	6.92 %
Q3 2014	7.32 %	39.38 %	6.32 %
Q4 2014	5.29 %	38.10 %	3.94 %
2014	5.27 %	38.08 %	3.92 %
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 %
2015	6.22 %	39.79 %	3.23 %
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 %
2016	13.74 %	38.65 %	9.34 %
Q1 2017	13.11 %	38.91 %	8.56 %
Q2 2017	12.88 %	39.68 %	8.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	37.29 %	35.92 %	6.78 %
2008	34.66 %	33.69 %	4.96 %
2009	6.04 %	34.91 %	4.79 %
2010	9.29 %	36.65 %	8.17 %
2011	8.84 %	38.83 %	7.65 %
2012	10.72 %	40.82 %	9.50 %
2013	7.40 %	38.44 %	6.47 %
2014	5.27 %	38.08 %	3.92 %
2015	6.22 %	39.79 %	3.23 %
2016	13.74 %	38.65 %	9.34 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	21.73 %	20.23 %	(19.60 %)
Q2 2008	38.85 %	37.70 %	12.96 %
Q3 2008	44.95 %	44.63 %	20.81 %
Q4 2008	25.19 %	23.90 %	(7.93 %)
Q1 2009	(20.30 %)	21.31 %	(18.88 %)
Q2 2009	10.79 %	38.59 %	11.18 %
Q3 2009	25.34 %	44.63 %	21.96 %
Q4 2009	(7.61 %)	26.81 %	(9.68 %)
Q1 2010	(16.00 %)	22.98 %	(17.13 %)
Q2 2010	15.30 %	40.36 %	14.50 %
Q3 2010	25.56 %	48.91 %	24.53 %
Q4 2010	(3.34 %)	24.31 %	(4.96 %)
Q1 2011	(12.82 %)	26.51 %	(14.57 %)
Q2 2011	17.44 %	43.88 %	15.99 %
Q3 2011	24.00 %	47.48 %	21.87 %
Q4 2011	(6.61 %)	29.81 %	(5.70 %)
Q1 2012	(6.16 %)	34.87 %	(8.96 %)
Q2 2012	15.45 %	43.18 %	15.31 %
Q3 2012	27.90 %	50.91 %	26.61 %
Q4 2012	(6.00 %)	28.46 %	(7.19 %)
Q1 2013	(8.98 %)	31.89 %	(10.23 %)
Q2 2013	8.59 %	37.64 %	8.31 %
Q3 2013	24.69 %	48.52 %	24.17 %
Q4 2013	(6.10 %)	29.89 %	(8.13 %)
Q1 2014	(12.22 %)	29.22 %	(12.92 %)
Q2 2014	12.79 %	42.39 %	12.57 %
Q3 2014	22.56 %	48.81 %	21.39 %
Q4 2014	(14.84 %)	24.44 %	(18.41 %)
Q1 2015	(16.65 %)	29.44 %	(25.91 %)
Q2 2015	17.81 %	46.46 %	16.54 %
Q3 2015	22.94 %	49.96 %	22.17 %
Q4 2015	(14.96 %)	23.94 %	(18.32 %)
Q1 2016	(3.85 %)	30.13 %	(8.98 %)
Q2 2016	21.15 %	43.14 %	16.99 %
Q3 2016	32.61 %	50.78 %	28.77 %
Q4 2016	(11.12 %)	20.65 %	(16.13 %)
Q1 2017	(7.33 %)	31.61 %	(13.27 %)
Q2 2017	20.23 %	46.00 %	16.78 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	4,166.59	0.26	0.26	11.37
Q2 2008	4,166.59	0.26	0.26	11.42
Q3 2008	4,166.59	0.21	0.21	11.78
Q4 2008	4,166.59	0.27	0.27	11.65
Q1 2009	4,166.59	0.27	0.27	11.47
Q2 2009	4,166.59	0.25	0.25	11.51
Q3 2009	4,166.59	0.30	0.30	11.92
Q4 2009	4,166.59	0.27	0.27	11.74
Q1 2010	4,166.59	0.27	0.27	11.43
Q2 2010	4,166.59	0.36	0.36	11.58
Q3 2010	4,166.59	0.50	0.50	12.14
Q4 2010	4,166.59	0.55	0.55	12.06
Q1 2011	4,166.59	0.55	0.55	11.88
Q2 2011	4,166.59	0.61	0.61	12.05
Q3 2011	4,166.59	0.58	0.58	12.55
Q4 2011	4,166.59	0.53	0.56	12.45
Q1 2012	4,166.59	0.58	0.62	12.30
Q2 2012	4,166.59	0.58	0.63	12.54
Q3 2012	4,166.59	0.75	0.81	13.20
Q4 2012	4,166.59	0.61	0.77	12.83
Q1 2013	4,166.59	0.60	0.74	12.67
Q2 2013	4,166.59	0.63	0.59	12.91
Q3 2013	4,166.59	0.63	0.58	13.60
Q4 2013	4,166.59	0.73	0.55	13.51
Q1 2014	4,166.59	0.67	0.49	13.32
Q2 2014	4,166.59	1.18	0.62	14.08
Q3 2014	4,166.59	1.14	0.58	14.72
Q4 2014	4,166.59	0.87	0.36	14.22
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	4,166.59	0.34	0.34	11.52
2008	4,166.59	0.27	0.27	11.65
2009	4,166.59	0.27	0.27	11.74
2010	4,166.59	0.55	0.55	12.06
2011	4,166.59	0.53	0.56	12.45
2012	4,166.59	0.61	0.77	12.83
2013	4,166.59	0.73	0.55	13.51
2014	4,166.59	0.87	0.36	14.22
2015	4,166.59	0.37	0.32	14.48
2016	4,166.59	1.09	1.12	15.74

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	More than 50	More than 50	1.21
Q2 2008	47.63	47.63	1.07
Q3 2008	More than 50	More than 50	0.89
Q4 2008	6.55	6.55	0.79
Q1 2009	37.73	37.73	0.87
Q2 2009	38.33	38.33	0.83
Q3 2009	33.35	33.35	0.85
Q4 2009	7.69	7.69	0.96
Q1 2010	46.22	46.22	1.10
Q2 2010	35.63	35.63	1.10
Q3 2010	29.37	29.37	1.20
Q4 2010	4.82	4.82	1.16
Q1 2011	25.23	25.23	1.17
Q2 2011	22.43	22.43	1.14
Q3 2011	22.98	22.98	1.06
Q4 2011	4.91	4.65	1.12
Q1 2012	27.74	25.84	1.30
Q2 2012	22.13	20.42	1.03
Q3 2012	17.44	16.27	0.99
Q4 2012	4.09	3.28	1.04
Q1 2013	23.71	19.20	1.12
Q2 2013	20.44	21.89	1.00
Q3 2013	21.26	22.98	0.98
Q4 2013	3.75	4.93	1.08
Q1 2014	23.61	32.00	1.18
Q2 2014	13.30	25.27	1.12
Q3 2014	15.13	29.80	1.17
Q4 2014	3.22	7.68	1.05
Q1 2015	28.16	More than 50	1.27
Q2 2015	More than 50	More than 50	1.22
Q3 2015	More than 50	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

Period	P/E	Adjusted P/E	Price/book
2007	8.16	8.16	1.28
2008	6.55	6.55	0.79
2009	7.69	7.69	0.96
2010	4.82	4.82	1.16
2011	4.91	4.65	1.12
2012	4.09	3.28	1.04
2013	3.75	4.93	1.08
2014	3.23	7.72	1.05
2015	7.95	9.15	1.08
2016	3.88	3.79	1.43

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)

Period	Saudi Electricity Company	National Electricity Transmission Company	Other Subsidiaries	Joint Operations	Inter-Company Balances
2015	41,513.44	7,127.31	25.14	-	(7127.16)
2016	49,842.75	8,420.38	56.34	2,507.18	(10965.65)

Analysts Estimates (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change‬
Average	1,478.50	2,231.59	50.94 %

Estimates vs Actual (Million)

Item	Q2 2017 (e)	Q2 2017 (a)	Change
Sico	1,518.00	2,231.59	47.0 %
SNB Capital	1,439.00	2,231.59	55.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	76,415.26
Enterprise Value (EV) (M)	181,947.64
Shares Outstanding ((M))	4,166.59
EPS ( Riyal) (TTM)	0.62
Book Value (BV) ( Riyal)	21.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	22.26
P/E (TTM)	29.58
Price/book	0.86
Return on Average Assets (%) (TTM)	0.5
Return on Average Equity (%) (TTM)	2.9

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Sign In

Search Result

SEC’s H1 profit more than triples on fee write-off

View other reports

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Sign In

×

Forgot password?

SEC’s H1 profit more than triples on fee write-off

View other reports

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2017

Revenue by Business Segment (Latest) 2017 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)