Saudi Electricity deepens Q1 2022 net loss after Mudaraba to SAR 372 mln

Saudi Electricity deepens Q1 2022 net loss after Mudaraba to SAR 372 mln

18/05/2022 Argaam Exclusive

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Saudi Electricity Co. (SEC)  widened its net loss to SAR 372 million (SAR 0.09 loss per share) in Q1 2022 after deducting the SAR 1.889 billion payment of Mudaraba coupon, from SAR 200 million (SAR 0.05 loss per share) in the year-ago period.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 13,348.37 13,531.32 1.4 %
Gross Income 2,928.08 2,638.39 (9.9 %)
Operating Income 2,147.85 2,057.38 (4.2 %)
Net Income before deducting Mudaraba Instrument profit 1,689.13 1,517.25 (10.2 %)
Net Income (199.98) (371.86) (85.9 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 0.41 0.36 (12.2 %)
EPS (Riyals) (0.05) (0.09) (85.9 %)

SEC reported a net profit of SAR 1.517 billion before deducting the payment of Mudaraba coupon in Q1 2022, down from SAR 1.689 billion in the year-earlier period.  

 

The company attributed the higher losses to a decline in the balancing account recognition to SAR 399 million in Q1 2022, compared to SAR 575 million in the year-earlier period.

 

SEC incurred higher costs from fuel, purchased power, operation and maintenance, due to higher electricity demand.

 

It also cited higher financing costs, which were offset by lower provisions for doubtful debts.

 

Compared to Q4 2021, SEC trimmed net losses by 84.7% from SAR 2.436 billion, thanks to lower costs of operation and maintenance, as well as fuel and purchased power due to the seasonality of electrical energy consumption.

 

Moreover, the previous quarter included non-recurring provisions and expenses. SEC also recorded a decline in finance costs.

 

Shareholders’ equity, after minority interest, stood at SAR 85.800 billion in Q1 2022, up from SAR 79.653 billion a year earlier. 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 6,423.27 8.1 % (576.52) (57.5 %) (741.67) (35.7 %)
Q2 2013 9,307.42 2.7 % 799.56 (42.9 %) 656.38 (47.9 %)
Q3 2013 11,804.47 8.4 % 2,914.36 (4.1 %) 2,730.18 (2.8 %)
Q4 2013 8,136.98 5.0 % (495.98) (6.7 %) (664.06) (6.5 %)
Q1 2014 7,069.18 10.1 % (864.11) (49.9 %) (1018.21) (37.3 %)
Q2 2014 10,489.73 12.7 % 1,341.82 67.8 % 1,147.87 74.9 %
Q3 2014 12,472.87 5.7 % 2,813.69 (3.5 %) 2,586.03 (5.3 %)
Q4 2014 8,458.89 4.0 % (1255.35) (153.1 %) (1609.13) (142.3 %)
Q1 2015 7,485.98 5.9 % (1246.39) (44.2 %) (1401.59) (37.7 %)
Q2 2015 11,917.40 13.6 % 2,122.48 58.2 % 1,869.18 62.8 %
Q3 2015 13,176.21 5.6 % 3,023.16 7.4 % 2,854.81 10.4 %
Q4 2015 8,985.19 6.2 % (1344.46) (7.1 %) (1780.90) (10.7 %)
Q1 2016 8,894.70 18.8 % (342.01) 72.6 % (561.40) 59.9 %
Q2 2016 13,194.13 10.7 % 2,790.68 31.5 % 2,380.37 27.3 %
Q3 2016 17,132.99 30.0 % 5,587.18 84.8 % 5,333.62 86.8 %
Q4 2016 10,639.18 18.4 % (1183.38) 12.0 % (1360.63) 23.6 %
Q1 2017 8,920.29 0.3 % (653.65) (91.1 %) (909.52) (62.0 %)
Q2 2017 13,301.83 0.8 % 2,691.06 (3.6 %) 2,255.86 (5.2 %)
Q3 2017 16,986.31 (0.9 %) 5,608.94 0.4 % 5,337.57 0.1 %
Q4 2017 11,476.56 7.9 % (956.35) 19.2 % (1434.41) (5.4 %)
Q1 2018 11,401.27 27.8 % (623.99) 4.5 % (937.36) (3.1 %)
Q2 2018 17,701.15 33.1 % 2,938.85 9.2 % 2,597.19 15.1 %
Q3 2018 21,930.17 29.1 % 5,970.99 6.5 % 5,697.76 6.7 %
Q4 2018 13,031.05 13.5 % (2366.24) (147.4 %) (2778.00) (93.7 %)
Q1 2019 11,395.24 (0.1 %) (636.38) (2.0 %) (943.00) (0.6 %)
Q2 2019 16,520.27 (6.7 %) 1,820.66 (38.0 %) 1,554.30 (40.2 %)
Q3 2019 20,830.54 (5.0 %) 3,759.55 (37.0 %) 3,419.16 (40.0 %)
Q4 2019 16,293.95 25.0 % 1,180.29 149.9 % 849.13 130.6 %
Q1 2020 11,397.72 0.0 % (1192.35) (87.4 %) (1413.80) (49.9 %)
Q2 2020 16,668.46 0.9 % 788.96 (56.7 %) 374.58 (75.9 %)
Q3 2020 20,517.11 (1.5 %) 3,340.09 (11.2 %) 2,864.58 (16.2 %)
Q4 2020 20,125.63 23.5 % 5,385.82 356.3 % 5,076.83 497.9 %
Q1 2021 13,348.37 17.1 % 2,928.08 345.6 % 2,147.85 251.9 %
Q2 2021 18,580.36 11.5 % 6,457.61 718.5 % 6,403.89 1609.6 %
Q3 2021 21,832.09 6.4 % 8,594.81 157.3 % 8,032.74 180.4 %
Q4 2021 15,577.22 (22.6 %) 2,561.46 (52.4 %) 1,997.65 (60.7 %)
Q1 2022 13,531.32 1.4 % 2,638.39 (9.9 %) 2,057.38 (4.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 (657.36) (12.7 %) (0.16) - (657.36) (0.16)
Q2 2013 1,502.27 10.4 % 0.36 729.19 773.09 0.19
Q3 2013 2,852.83 (0.8 %) 0.68 - 2,852.83 0.68
Q4 2013 (661.88) 39.3 % (0.16) - (661.88) (0.16)
Q1 2014 (913.35) (38.9 %) (0.22) - (913.35) (0.22)
Q2 2014 3,657.81 143.5 % 0.88 2,338.83 1,318.98 0.32
Q3 2014 2,668.33 (6.5 %) 0.64 - 2,668.33 0.64
Q4 2014 (1801.80) (172.2 %) (0.43) (244.81) (1556.99) (0.37)
Q1 2015 (1939.69) (112.4 %) (0.47) - (1939.69) (0.47)
Q2 2015 1,970.64 (46.1 %) 0.47 - 1,970.64 0.47
Q3 2015 2,921.06 9.5 % 0.70 - 2,921.06 0.70
Q4 2015 (1444.55) 19.8 % (0.35) 201.51 (1646.06) (0.40)
Q1 2016 (798.31) 58.8 % (0.19) - (798.31) (0.19)
Q2 2016 2,242.00 13.8 % 0.54 - 2,242.00 0.54
Q3 2016 4,928.41 68.7 % 1.18 - 4,928.41 1.18
Q4 2016 (1826.85) (26.5 %) (0.44) (110.26) (1716.59) (0.41)
Q1 2017 4,935.78 718.3 % 1.18 6,119.55 (1183.77) (0.28)
Q2 2017 2,231.59 (0.5 %) 0.54 - 2,231.59 0.54
Q3 2017 5,261.87 6.8 % 1.26 - 5,261.87 1.26
Q4 2017 (5521.23) (202.2 %) (1.33) (2597.31) (2923.36) (0.70)
Q1 2018 (1214.05) (124.6 %) (0.29) - (1214.05) (0.29)
Q2 2018 1,846.55 (17.3 %) 0.44 - 1,846.55 0.44
Q3 2018 4,925.47 (6.4 %) 1.18 - 4,925.47 1.18
Q4 2018 (3800.84) 31.2 % (0.91) - (3800.84) (0.91)
Q1 2019 (1489.23) (22.7 %) (0.36) - (1489.23) (0.36)
Q2 2019 788.77 (57.3 %) 0.19 - 788.77 0.19
Q3 2019 2,679.39 (45.6 %) 0.64 - 2,679.39 0.64
Q4 2019 (591.37) 84.4 % (0.14) - (591.37) (0.14)
Q1 2020 (2441.46) (63.9 %) (0.59) (240.42) (2201.04) (0.53)
Q2 2020 (868.56) (210.1 %) (0.21) (597.36) (271.21) (0.07)
Q3 2020 2,200.58 (17.9 %) 0.53 29.68 2,170.90 0.52
Q4 2020 3,207.62 642.4 % 0.77 - 3,207.62 0.77
Q1 2021 (199.98) 91.8 % (0.05) - (199.98) (0.05)
Q2 2021 3,917.98 551.1 % 0.94 (484.61) 4,402.59 1.06
Q3 2021 5,448.49 147.6 % 1.31 - 5,448.49 1.31
Q4 2021 (2436.99) (176.0 %) (0.58) (863.44) (1573.56) (0.38)
Q1 2022 (371.86) (85.9 %) (0.09) - (371.86) (0.09)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2017 13.11 % 38.91 % 8.56 %
Q2 2017 12.88 % 39.68 % 8.52 %
Q3 2017 12.97 % 41.21 % 9.21 %
Q4 2017 13.20 % 41.47 % 6.68 %
Q1 2018 12.64 % 40.23 % 6.31 %
Q2 2018 12.10 % 38.46 % 5.16 %
Q3 2018 11.73 % 36.01 % 4.21 %
Q4 2018 9.24 % 33.58 % 2.74 %
Q1 2019 9.22 % 34.44 % 2.31 %
Q2 2019 7.62 % 33.97 % 0.67 %
Q3 2019 4.17 % 31.96 % (2.95 %)
Q4 2019 9.42 % 36.28 % 2.13 %
Q1 2020 8.56 % 35.60 % 1.04 %
Q2 2020 6.96 % 33.79 % (0.59 %)
Q3 2020 6.35 % 33.22 % (1.38 %)
Q4 2020 12.11 % 37.39 % 4.23 %
Q1 2021 17.61 % 41.45 % 6.95 %
Q2 2021 24.96 % 48.92 % 13.20 %
Q3 2021 31.62 % 55.29 % 17.40 %
Q4 2021 29.63 % 55.20 % 11.65 %
Q1 2022 29.13 % 54.81 % 11.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2017 4,166.59 2.54 1.10 18.59
Q4 2017 4,166.59 1.66 0.81 17.35
Q1 2018 4,166.59 0.18 0.81 16.97
Q2 2018 4,166.59 0.09 0.71 17.29
Q3 2018 4,166.59 0.01 0.63 18.50
Q4 2018 4,166.59 0.42 0.42 17.68
Q1 2019 4,166.59 0.36 0.36 17.29
Q2 2019 4,166.59 0.10 0.10 17.25
Q3 2019 4,166.59 (0.44) (0.44) 17.88
Q4 2019 4,166.59 0.33 0.33 17.66
Q1 2020 4,166.59 0.10 0.16 16.96
Q2 2020 4,166.59 (0.29) (0.09) 16.54
Q3 2020 4,166.59 (0.41) (0.21) 17.08
Q4 2020 4,166.59 0.50 0.70 19.17
Q1 2021 4,166.59 1.04 1.18 19.63
Q2 2021 4,166.59 2.19 2.30 19.41
Q3 2021 4,166.59 2.97 3.09 21.20
Q4 2021 4,166.59 1.62 1.94 20.09
Q1 2022 4,166.59 1.57 1.90 20.59

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 100 1.27
Q2 2015 79.95 62.81 1.22
Q3 2015 59.41 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
Q3 2017 9.39 21.68 1.29
Q4 2017 2.38 4.86 1.21
Q1 2018 More than 100 25.75 1.22
Q2 2018 More than 100 29.20 1.20
Q3 2018 More than 100 25.34 0.87
Q4 2018 9.22 9.22 0.86
Q1 2019 46.39 46.39 0.95
Q2 2019 More than 100 More than 100 1.08
Q3 2019 NEG NEG 1.19
Q4 2019 15.60 15.60 1.15
Q1 2020 More than 100 98.16 0.94
Q2 2020 NEG NEG 0.94
Q3 2020 NEG NEG 1.01
Q4 2020 42.30 30.54 1.11
Q1 2021 22.56 19.95 1.20
Q2 2021 11.02 10.50 1.24
Q3 2021 9.06 8.72 1.27
Q4 2021 14.85 12.37 1.19
Q1 2022 16.84 13.97 1.29

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)
Q3 2017 16,993.46 2,541.86 7.08 822.01 (3378.17)
Q4 2017 11,480.20 3,134.98 7.08 345.88 (3491.59)
Q1 2018 11,291.67 2,895.23 5.77 321.15 (3112.54)
Q2 2018 17,811.57 2,673.67 15.18 227.47 (3026.74)
Q3 2018 21,929.27 2,784.44 (2.30) 430.78 (3212.01)
Q4 2018 14,071.90 2,992.92 16.31 301.44 (4351.52)
Q1 2019 11,382.20 3,241.44 26.98 312.00 (3567.37)
Q2 2019 16,517.76 3,241.42 16.44 285.46 (3540.81)
Q3 2019 20,835.32 3,322.69 9.15 349.52 (3686.14)
Q4 2019 16,261.72 3,421.45 46.44 324.02 (3759.68)
Q1 2020 11,389.39 3,496.10 22.27 323.10 (3833.13)
Q2 2020 16,625.61 3,566.90 55.73 316.91 (3896.87)
Q3 2020 20,504.00 3,603.00 28.00 341.00 (3959.00)
Q4 2020 20,030.00 3,586.00 109.00 337.00 (3936.00)
Q1 2021 13,311.00 4,271.00 51.00 332.00 (4617.00)
Q2 2021 18,519.00 4,541.00 126.00 366.00 (4971.00)
Q4 2021 13,420.00 4,264.00 175.00 - (2282.00)
Q1 2022 13,418.00 4,683.00 426.00 - (4996.00)

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 1,525.00 (371.86) (124.4 %)

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
SNB Capital 1,525.00 (371.86) (124.4) %


Financial Ratios
Current
Market Cap (M Riyal) 70,332.04
Enterprise Value (EV) (M) 197,045.96
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) 22.97
P/E (TTM) 19.89
Price/book 0.76
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Share Price

Saudi Electricity Co.
16.88
(0.04) (0.24 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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