Saudi Electricity’s net profit jumps 37% in FY16

18/01/2017 Argaam Exclusive

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Saudi Electricity Co.
17.82
0.10 0.56 %

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Saudi Electricity Co. reported a net profit of SAR 2.1 billion for fiscal year 2016, a 37 percent jump year-on-year (YoY) on higher operating revenue, and improved operating efficiency, it said in a statement.



Financials (M)

Item 2015 2016 Change‬
Revenues 41,538.73 49,861.00 20.0 %
Gross Income 2,585.27 6,852.47 165.1 %
Operating Income 1,592.84 5,791.95 263.6 %
Net Income after deducting Mudaraba Instrument profit 1,543.64 4,545.26 194.5 %
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 0.37 1.09 194.5 %

The utility provider reported a net loss of SAR 2.3 billion for Q4, widening its losses by 62 percent YoY, on the back of higher cost of goods sold (COGS), higher fuel prices, and increasing expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2015 Q4 2016 Change‬
Revenues 8,985.19 10,639.18 18.4 %
Gross Income (1344.46) (1183.38) 12.0 %
Operating Income (1780.90) (1360.63) 23.6 %
Net Income (1444.55) (1826.85) (26.5 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (0.35) (0.44) (26.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
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)
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)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2014 7.72 % 39.12 % 6.92 %
Q3 2014 7.32 % 39.38 % 6.32 %
Q4 2014 5.29 % 38.10 % 3.94 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 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

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)

Analysts Estimates (Million)

Item Q4 2016 (e) Q4 2016 (a) Change‬
Average (1037.00) (1826.85) (76.2 %)

Estimates vs Actual (Million)

Item Q4 2016 (e) Q4 2016 (a) Change
SNB Capital (1037.00) (1826.85) (76.2) %


Financial Ratios
Current
Market Cap (M Riyal) 74,248.63
Enterprise Value (EV) (M) 186,026.14
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) 20.90
P/E (TTM) 27.41
Price/book 0.83
Return on Average Assets (%) (TTM) 0.5
Return on Average Equity (%) (TTM) 3.0
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