Financial Results : Saudi Electricity loses SAR 1.2B after Mudaraba in Q1 2025

Saudi Electricity loses SAR 1.2B after Mudaraba in Q1 2025

14/05/2025 Argaam Exclusive

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Saudi Electricity Co. (SEC) trimmed net loss, after deducting the payments of Mudaraba coupon, to SAR 1.2 billion in Q1 2025, compared to SAR 1.3 billion a year earlier.
 


Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 15,858.49 19,500.38 23.0 %
Gross Income 2,140.45 2,874.01 34.3 %
Operating Income 1,748.72 2,248.18 28.6 %
Net Income before deducting Mudaraba Instrument profit 897.18 967.98 7.9 %
Net Income (1288.82) (1194.00) 7.4 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 0.22 0.23 6.8 %
Earnings Per Share before unusual items (Riyal) (0.31) (0.29) 7.4 %
EPS (Riyal) (0.31) (0.29) 7.4 %

Before Mudaraba coupon payments, SEC’s Q1 2025 profit increased to SAR 968 million, compared to SAR 897 billion in Q1 2024.

 

Losses narrowed on higher required revenue recognized during the current quarter, due to an increase in the grid's regulated asset base. Additionally, SEC reported higher electricity production revenue and continued growth in demand.

 

SEC higher operating revenue was mainly attributed to an increase in revenue from projects development and management to construct substations and transmission lines on behalf of customers.

 

On the other hand, the utility provider noted higher net financing charges and increased provisions for electricity subscribers’ receivables.

 

On a sequential basis, the utility provider narrowed net loss from SAR 7.48 billion in Q4 2024.

 

Total shareholders’ equity, excluding minority interest and after deducting the payments of Mudaraba coupon, stood at SAR 84.2 billion as of March 31, 2025, compared to SAR 89.59 billion a year earlier.

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