Saudi Electric. posts higher net loss at SAR 913m in Q1 of 2014

31/03/2014 Argaam Exclusive

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Share Price

Saudi Electricity Co.
17.02
(0.38) (2.18 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Saudi Electricity Company, reported SAR 913m net loss at the end of the first quarter of 2014, a 39% decrease compared to the same quarter last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2013 Q1 2014 Change‬
Revenues 6,423.27 7,069.18 10.1 %
Gross Income (576.52) (864.11) (49.9 %)
Operating Income (741.67) (1018.21) (37.3 %)
Net Income (657.36) (913.35) (38.9 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (0.16) (0.22) (38.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 3,360.32 3.6 % 1,107.07 (0.7 %) (303.13) 5.5 % (0.07)
Q2 2005 5,063.22 12.4 % 2,069.00 11.6 % 618.27 63.8 % 0.15
Q3 2005 6,095.74 7.6 % 2,927.52 5.4 % 1,449.04 8.0 % 0.35
Q4 2005 4,242.00 1.9 % 1,165.68 (10.8 %) (281.14) (185.2 %) (0.07)
Q1 2006 3,424.40 1.9 % 973.04 (12.1 %) (436.11) (43.9 %) (0.10)
Q2 2006 5,350.90 5.7 % 2,240.32 8.3 % 728.47 17.8 % 0.17
Q3 2006 6,392.33 4.9 % 3,112.89 6.3 % 1,613.40 11.3 % 0.39
Q4 2006 4,539.04 7.0 % 1,076.38 (7.7 %) (491.92) (75.0 %) (0.12)
Q1 2007 3,664.21 7.0 % 978.71 0.6 % (434.03) 0.5 % (0.10)
Q2 2007 5,735.16 7.2 % 2,437.54 8.8 % 784.97 7.8 % 0.19
Q3 2007 6,968.36 9.0 % 3,390.36 8.9 % 1,704.29 5.6 % 0.41
Q4 2007 4,471.34 (1.5 %) 963.47 (10.5 %) (642.73) (30.7 %) (0.15)
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)
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)
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)
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)
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)
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)
Q1 2014 7,069.18 10.1 % (864.11) (49.9 %) (913.35) (38.9 %) (0.22)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 39.82 % 37.23 % 7.44 %
Q2 2005 39.78 % 37.29 % 8.54 %
Q3 2005 39.67 % 37.25 % 8.92 %
Q4 2005 38.75 % 36.69 % 7.90 %
Q1 2006 37.90 % 36.14 % 7.17 %
Q2 2006 38.23 % 36.83 % 7.64 %
Q3 2006 38.60 % 37.50 % 8.37 %
Q4 2006 37.56 % 36.64 % 7.17 %
Q1 2007 37.14 % 36.17 % 7.10 %
Q2 2007 37.41 % 36.19 % 7.24 %
Q3 2007 37.71 % 36.40 % 7.48 %
Q4 2007 37.29 % 35.92 % 6.78 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2014 6.48 % 37.80 % 5.65 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 4,166.59 0.32 0.32 10.84
Q2 2005 4,166.59 0.37 0.37 10.84
Q3 2005 4,166.59 0.40 0.40 11.17
Q4 2005 4,166.59 0.36 0.36 11.10
Q1 2006 4,166.59 0.32 0.32 11.00
Q2 2006 4,166.59 0.35 0.35 11.04
Q3 2006 4,166.59 0.39 0.39 11.43
Q4 2006 4,166.59 0.34 0.34 11.31
Q1 2007 4,166.59 0.34 0.34 11.21
Q2 2007 4,166.59 0.35 0.35 11.26
Q3 2007 4,166.59 0.38 0.38 11.67
Q4 2007 4,166.59 0.34 0.34 11.52
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 71.97 71.97 2.10
Q2 2005 66.46 66.46 2.29
Q3 2005 70.29 70.29 2.52
Q4 2005 15.33 15.33 2.62
Q1 2006 85.80 85.80 2.53
Q2 2006 67.77 67.77 2.15
Q3 2006 49.37 49.37 1.68
Q4 2006 7.19 7.19 1.15
Q1 2007 36.05 36.05 1.09
Q2 2007 32.54 32.54 1.02
Q3 2007 30.65 30.65 0.99
Q4 2007 8.16 8.16 1.28
Q1 2008 53.27 53.27 1.21
Q2 2008 47.63 47.63 1.07
Q3 2008 50.18 50.18 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


Financial Ratios
Current
Market Cap (M Riyal) 70,915.36
Enterprise Value (EV) (M) 182,692.87
Shares Outstanding ((M)) 4,166.59
EPS ( Riyal) (TTM) 0.65
Book Value (BV) ( Riyal) 21.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.96
P/E (TTM) 26.18
Price/book 0.79
Return on Average Assets (%) (TTM) 0.5
Return on Average Equity (%) (TTM) 3.0
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