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Saudi Electricity Co. (SEC) narrowed Q1 2024 net losses to SAR 1.3 billion (after deducting the payments of Mudaraba coupon) from SAR 1.4 billion in the year-earlier period.
Before deducting the Mudaraba coupon, Q1 2024 earnings reached SAR 897 billion, up from SAR 480 billion in 2022.
Current Quarter Comparison (M)
Item | Q1 2023 | Q1 2024 | Change |
---|---|---|---|
Revenues | 13,379.21 | 15,858.49 | 18.5 % |
Gross Income | 1,759.78 | 2,140.45 | 21.6 % |
Operating Income | 1,403.31 | 1,748.72 | 24.6 % |
Net Income before deducting Mudaraba Instrument profit | 479.74 | 897.18 | 87.0 % |
Net Income | (1409.36) | (1288.82) | 8.6 % |
Average Shares | 4,166.59 | 4,166.59 | - |
EPS before deducting Mudaraba Instrument profit (Riyals) | 0.12 | 0.22 | 86.9 % |
EPS (Riyals) | (0.34) | (0.31) | 8.6 % |
Item | Q4 2023 | Q1 2024 | Change |
---|---|---|---|
Revenues | 18,433.84 | 15,858.49 | (14.0 %) |
Gross Income | (36.83) | 2,140.45 | 5911.5 % |
Operating Income | (882.55) | 1,748.72 | 298.1 % |
Net Income before deducting Mudaraba Instrument profit | (91.21) | 897.18 | 1083.7 % |
Net Income | (2022.29) | (1288.82) | 36.3 % |
Average Shares | 4,166.59 | 4,166.59 | - |
EPS before deducting Mudaraba Instrument profit (Riyals) | (0.02) | 0.22 | 1078.6 % |
EPS (Riyals) | (0.49) | (0.31) | 36.3 % |
The decline in losses was driven by an increase in required revenue recognized during the current quarter, which was due to an increase in regulatory weighted average cost of capital (WACC) and a growing regulated asset portfolio.
This is in addition to new revenue from development projects to build substations and transmission lines for SEC customers, as well as higher revenue from Dawiyat Co. due to a growing subscriber base for FTTH connections.
The company also reported lower financing costs, a higher SEC’s share of profits on equity accounted investees, and lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality.
The aforementioned items have been partially offset by higher operating and maintenance costs due to growing business and operating assets and higher loads, higher general and administrative expenses, and higher Zakat provisions.
Sequentially, the utility provider narrowed losses in Q1 2024 from SAR 2.03 million in Q4 2023.
Total shareholders’ equity, no minority interest and after deducting Sukuk, reached SAR 89.59 billion as of March 31, 2024, compared to SAR 89.56 billion a year before.
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- TASI
-
Energy
- 2222 - SAUDI ARAMCO
- 2030 - SARCO
- 2380 - PETRO RABIGH
- 4030 - BAHRI
- 4200 - ALDREES
- 2381 - ARABIAN DRILLING
- 2382 - ADES
- 1201 - TAKWEEN
- 1202 - MEPCO
- 1210 - BCI
- 1211 - MAADEN
- 1301 - ASLAK
- 1304 - ALYAMAMAH STEEL
- 1320 - SSP
- 2001 - CHEMANOL
- 2010 - SABIC
- 2020 - SABIC AGRI-NUTRIENTS
- 2090 - NGC
- 2150 - ZOUJAJ
- 2170 - ALUJAIN
- 2180 - FIPCO
- 2200 - APC
- 2210 - NAMA CHEMICALS
- 2220 - MAADANIYAH
- 2240 - ZAMIL INDUST
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- 2290 - YANSAB
- 2300 - SPM
- 2310 - SIPCHEM
- 2330 - ADVANCED
- 2350 - SAUDI KAYAN
- 3002 - NAJRAN CEMENT
- 3003 - CITY CEMENT
- 3004 - NORTHERN CEMENT
- 3005 - UACC
- 3010 - ACC
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- 3080 - EPCCO
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- 3091 - JOUF CEMENT
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- 2060 - TASNEE
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- 1321 - EAST PIPES
- 1322 - AMAK
- 2223 - LUBEREF
- 2360 - SVCP
- 1212 - ASTRA INDUSTRIAL
- 1302 - BAWAN
- 1303 - EIC
- 2040 - SAUDI CERAMICS
- 2110 - SAUDI CABLE
- 2160 - AMIANTIT
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- 2370 - MESC
- 4140 - SIECO
- 4141 - ALOMRAN
- 4142 - RIYADH CABLES
- 1214 - SHAKER
- 4110 - BATIC
- 4143 - TALCO
- 4031 - SGS
- 4040 - SAPTCO
- 4260 - BUDGET SAUDI
- 2190 - SISCO HOLDING
- 4261 - THEEB
- 4263 - SAL
- 4262 - LUMI
- 1810 - SEERA
- 6013 - DWF
- 1820 - BAAN
- 4170 - TECO
- 4290 - ALKHALEEJ TRNG
- 6002 - HERFY FOODS
- 6017 - JAHEZ
- 1830 - Leejam Sports
- 6012 - RAYDAN
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- 2281 - TANMIAH
- 2282 - NAQI
- 2283 - FIRST MILLS
- 4080 - SINAD HOLDING
- 2284 - MODERN MILLS
- 2285 - ARABIAN MILLS
- 2286 - FOURTH MILLING
- 4002 - MOUWASAT
- 4004 - DALLAH HEALTH
- 4005 - CARE
- 4007 - ALHAMMADI
- 4009 - SAUDI GERMAN HEALTH
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- 2140 - AYYAN
- 4014 - EQUIPMENT HOUSE
- 4017 - FAKEEH CARE
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- 1080 - ANB
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- NOMU
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Media and Entertainment
Consumer Durables & Apparel
Real Estate Mgmt & Dev't
Food & Beverages
- 9515 - FESH FASH
- 9532 - ALJOUF WATER
- 9536 - FADECO
- 9556 - NOFOTH
- 9559 - BALADY
- 9564 - HORIZON FOOD
- 9555 - LEEN ALKHAIR
- 9612 - SAMA WATER
- 9518 - CMCER
- 9530 - TIBBIYAH
- 9527 - AME
- 9544 - FUTURE CARE
- 9546 - NABA ALSAHA
- 9574 - PRO MEDEX
- 9594 - ALMODAWAT
- 9572 - ALRAZI
- 9587 - LANA
- 9600 - QOMEL
- 9604 - MIRAL
- 9616 - JANA
- 9513 - WATANI STEEL
- 9514 - ALNAQOOL
- 9523 - GROUP FIVE
- 9539 - AQASEEM
- 9548 - APICO
- 9553 - MOLAN
- 9565 - MEYAR
- 9552 - SAUDI TOP
- 9563 - BENA
- 9566 - LIME INDUSTRIES
- 9580 - ALRASHID INDUSTRIAL
- 9583 - UNITED MINING
- 9576 - PAPER HOME
- 9588 - RIYADH STEEL
- 9575 - MARBLE DESIGN
- 9599 - TAQAT
- 9601 - ALRASHEED
- 9605 - NEFT ALSHARQ
- 9607 - ASG
- 9609 - NAAS PETROL
- 9510 - NBM
- 9528 - GAS
- 9531 - OBEIKAN GLASS
- 9533 - SPC
- 9529 - RAOOM
- 9525 - ALWASAIL INDUSTRIAL
- 9542 - KEIR
- 9547 - RAWASI
- 9568 - MAYAR
- 9569 - ALMUNEEF
- 9578 - ATLAS ELEVATORS
- 9560 - WAJA
- 9611 - UFG
- 9540 - TADWEEER
- 9545 - ALDAWLIAH
- 9570 - TAM DEVELOPMENT
- 9581 - CLEAN LIFE
- 9593 - PAN GULF
- 9597 - LEAF
- 9608 - ALASHGHAL ALMOYSRA
- 9606 - THARWAH
- 9613 - SHALFA
- 9619 - MULTI BUSINESS
- 9621 - DRC
- 9541 - ACADEMY OF LEARNING
- 9562 - FOOD GATE
- 9590 - ARMAH
- 9598 - ALMOHAFAZA FOR EDUCATION
- 9603 - HORIZON EDUCATIONAL
- 9567 - GHIDA ALSULTAN
- 9617 - ARABICA
Share Price
Saudi Electricity Co. (SAUDI ELECTRICITY)
Current | |
Market Cap (M Riyal) | 71,248.69 |
Enterprise Value (EV) (M) | 197,962.61 |
Shares Outstanding ((M)) | 4,166.59 |
EPS ( Riyal) (TTM) | 0.85 |
Book Value (BV) ( Riyal) | 22.25 |
Par Value ( Riyal) | 10.00 |
Adjusted P/E (Last12) | 23.26 |
P/E (TTM) | 20.15 |
Price/book | 0.77 |
Return on Average Assets (%) (TTM) | 0.7 |
Return on Average Equity (%) (TTM) | 3.8 |
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