Saudi Electricity 9M 2022 profit after Mudaraba down 16% to SAR 7.664 bln; Q3 at SAR 4.443 bln

10/11/2022 Argaam Exclusive

Saudi Electricity Co. (SEC) reported a net profit after Zakat and tax of SAR 7.664 billion in the first nine months of 2022 – after deducting the SAR 5.730 billion payment of Mudaraba coupon – a 16% decline compared to SAR 9.166 billion in the year-ago period.

 

The company’s net profit before deducting Mudarabah instrument distributions fell to SAR 13.395 billion in the nine-month period from SAR 14.897 billion in the same period last year.

 

The profit decline was attributed to higher power costs and financing charges, lower income from discontinued operations and higher provisions for accounts receivable.

 

This was partially offset by an increase in operating revenue mainly due to the growth in demand for electricity, the increase in balancing account amounts recognized during the current period and higher fiber optic rental revenue from Dawiyat Co.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 53,760.82 55,682.62 3.6 %
Gross Income 17,980.50 16,679.55 (7.2 %)
Operating Income 16,584.47 14,758.48 (11.0 %)
Net Income before deducting Mudaraba Instrument profit 14,896.78 13,394.75 (10.1 %)
Net Income after deducting Mudaraba Instrument profit 9,166.49 7,664.46 (16.4 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 3.58 3.21 (10.3 %)
EPS after deducting Mudaraba Instrument profit (Riyals) 2.20 1.84 (16.4 %)

In Q3 2022, the net profit after Zakat and tax saw an 18% drop to SAR 4.443 billion, from SAR 5.449 billion in the year-before period.

 

Sequentially, the company’s net profit grew 23.7% from SAR 3.592 billion in Q2 2022 due to  the seasonality of electricity sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 21,832.09 22,749.62 4.2 %
Gross Income 8,594.81 7,496.39 (12.8 %)
Operating Income 8,032.74 6,913.51 (13.9 %)
Net Income before deducting Mudaraba Instrument profit 7,379.58 6,375.23 (13.6 %)
Net Income 5,448.49 4,444.14 (18.4 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.78 1.53 (14.0 %)
EPS (Riyals) 1.31 1.07 (18.4 %)

Shareholders’ equity, no minority interest and excluding Mudaraba instrument distributions, grew to SAR 91.139 trillion as of Sept. 30, 2022, from SAR 88.340 trillion in the year-earlier period.

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Share Price

Saudi Electricity Co.
16.78
(0.08) (0.47 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Financial Ratios
Current
Market Cap (M Riyal) 69,915.38
Enterprise Value (EV) (M) 196,629.30
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) 22.83
P/E (TTM) 19.78
Price/book 0.75
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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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 %)
Q2 2022 19,401.68 4.4 % 6,544.77 1.3 % 5,787.59 (9.6 %)
Q3 2022 22,749.62 4.2 % 7,496.39 (12.8 %) 6,913.51 (13.9 %)


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)
Q2 2022 3,592.18 (8.3 %) 0.86 - 3,592.18 0.86
Q3 2022 4,444.14 (18.4 %) 1.07 - 4,444.14 1.07

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 %
Q2 2022 28.91 % 53.18 % 10.09 %
Q3 2022 27.00 % 50.62 % 8.55 %


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
Q2 2022 4,166.59 1.50 1.70 20.35
Q3 2022 4,166.59 1.25 1.46 21.87

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
Q2 2022 16.18 14.21 1.19
Q3 2022 19.56 16.79 1.12

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)
Q2 2022 19,279.00 4,497.00 137.00 327.00 (4838.00)

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 5,538.00 4,444.14 (19.8 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Riyad Capital 5,538.00 4,444.14 (19.8) %

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