Saudi Electric. posts higher net profit at SAR 5413m in I3 of 2014

Saudi Electric. posts higher net profit at SAR 5413m in I3 of 2014

26/10/2014 Argaam Exclusive

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Saudi Electricity Company, reported SAR 5413m net profit in I3 of 2014, a 46% increase compared to the same period last year, as shown in the following table:



Financials (M)

Item 9m 2013 9m 2014 Change‬
Revenues 27,535.15 30,031.77 9.1 %
Gross Income 3,137.39 3,291.40 4.9 %
Operating Income 2,644.89 2,715.68 2.7 %
Net Income after deducting Mudaraba Instrument profit 3,697.74 5,412.79 46.4 %
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) 0.89 1.30 46.4 %


Current Quarter Comparison (M)

Compared With The
Item Q3 2013 Q3 2014 Change‬
Revenues 11,804.47 12,472.87 5.7 %
Gross Income 2,914.36 2,813.69 (3.5 %)
Operating Income 2,730.18 2,586.03 (5.3 %)
Net Income 2,852.83 2,668.33 (6.5 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) 0.68 0.64 (6.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 3,360.32 3.6 % 1,107.07 (0.7 %) (336.92) 0.3 %
Q2 2005 5,063.22 12.4 % 2,069.00 11.6 % 586.12 69.4 %
Q3 2005 6,095.74 7.6 % 2,927.52 5.4 % 1,440.43 11.5 %
Q4 2005 4,242.00 1.9 % 1,165.68 (10.8 %) (430.48) (44.9 %)
Q1 2006 3,424.40 1.9 % 973.04 (12.1 %) (462.00) (37.1 %)
Q2 2006 5,350.90 5.7 % 2,240.32 8.3 % 686.94 17.2 %
Q3 2006 6,392.33 4.9 % 3,112.89 6.3 % 1,544.72 7.2 %
Q4 2006 4,539.04 7.0 % 1,076.38 (7.7 %) (615.09) (42.9 %)
Q1 2007 3,664.21 7.0 % 978.71 0.6 % (535.07) (15.8 %)
Q2 2007 5,735.16 7.2 % 2,437.54 8.8 % 725.87 5.7 %
Q3 2007 6,968.36 9.0 % 3,390.36 8.9 % 1,685.00 9.1 %
Q4 2007 4,471.34 (1.5 %) 963.47 (10.5 %) (761.43) (23.8 %)
Q1 2008 3,932.93 7.3 % 854.51 (12.7 %) (831.00) (55.3 %)
Q2 2008 6,025.60 5.1 % 2,340.97 (4.0 %) 637.61 (12.2 %)
Q3 2008 7,209.25 3.5 % 3,240.29 (4.4 %) 1,545.30 (8.3 %)
Q4 2008 5,120.97 14.5 % 1,289.80 33.9 % (587.86) 22.8 %
Q1 2009 4,083.91 3.8 % (829.14) (197.0 %) (897.11) (8.0 %)
Q2 2009 6,394.52 6.1 % 690.03 (70.5 %) 621.51 (2.5 %)
Q3 2009 7,882.00 9.3 % 1,997.27 (38.4 %) 1,631.17 5.6 %
Q4 2009 5,490.52 7.2 % (417.57) (132.4 %) (570.42) 3.0 %
Q1 2010 4,566.27 11.8 % (730.39) 11.9 % (884.83) 1.4 %
Q2 2010 7,368.79 15.2 % 1,127.67 63.4 % 975.02 56.9 %
Q3 2010 9,444.84 19.8 % 2,413.73 20.9 % 2,195.41 34.6 %
Q4 2010 6,531.09 19.0 % (218.35) 47.7 % (435.20) 23.7 %
Q1 2011 5,310.46 16.3 % (680.93) 6.8 % (882.69) 0.2 %
Q2 2011 8,347.71 13.3 % 1,455.61 29.1 % 1,236.73 26.8 %
Q3 2011 9,944.76 5.3 % 2,387.02 (1.1 %) 2,124.96 (3.2 %)
Q4 2011 6,966.67 6.7 % (460.21) (110.8 %) (547.33) (25.8 %)
Q1 2012 5,940.77 11.9 % (366.16) 46.2 % (546.36) 38.1 %
Q2 2012 9,064.93 8.6 % 1,400.84 (3.8 %) 1,259.94 1.9 %
Q3 2012 10,890.00 9.5 % 3,038.32 27.3 % 2,809.43 32.2 %
Q4 2012 7,750.56 11.3 % (464.76) (1.0 %) (623.59) (13.9 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 (303.13) 5.5 % (0.07) - (303.13) (0.07)
Q2 2005 618.27 63.8 % 0.15 - 618.27 0.15
Q3 2005 1,449.04 8.0 % 0.35 - 1,449.04 0.35
Q4 2005 (281.14) (185.2 %) (0.07) - (281.14) (0.07)
Q1 2006 (436.11) (43.9 %) (0.10) - (436.11) (0.10)
Q2 2006 728.47 17.8 % 0.17 - 728.47 0.17
Q3 2006 1,613.40 11.3 % 0.39 - 1,613.40 0.39
Q4 2006 (491.92) (75.0 %) (0.12) - (491.92) (0.12)
Q1 2007 (434.03) 0.5 % (0.10) - (434.03) (0.10)
Q2 2007 784.97 7.8 % 0.19 - 784.97 0.19
Q3 2007 1,704.29 5.6 % 0.41 - 1,704.29 0.41
Q4 2007 (642.73) (30.7 %) (0.15) - (642.73) (0.15)
Q1 2008 (771.00) (77.6 %) (0.19) - (771.00) (0.19)
Q2 2008 780.97 (0.5 %) 0.19 - 780.97 0.19
Q3 2008 1,500.48 (12.0 %) 0.36 - 1,500.48 0.36
Q4 2008 (406.00) 36.8 % (0.10) - (406.00) (0.10)
Q1 2009 (771.03) (0.0 %) (0.19) - (771.03) (0.19)
Q2 2009 714.61 (8.5 %) 0.17 - 714.61 0.17
Q3 2009 1,730.68 15.3 % 0.42 - 1,730.68 0.42
Q4 2009 (531.61) (30.9 %) (0.13) - (531.61) (0.13)
Q1 2010 (782.22) (1.5 %) (0.19) - (782.22) (0.19)
Q2 2010 1,068.45 49.5 % 0.26 - 1,068.45 0.26
Q3 2010 2,316.63 33.9 % 0.56 - 2,316.63 0.56
Q4 2010 (323.78) 39.1 % (0.08) - (323.78) (0.08)
Q1 2011 (773.69) 1.1 % (0.19) - (773.69) (0.19)
Q2 2011 1,334.78 24.9 % 0.32 - 1,334.78 0.32
Q3 2011 2,174.54 (6.1 %) 0.52 - 2,174.54 0.52
Q4 2011 (522.48) (61.4 %) (0.13) (125.27) (397.21) (0.10)
Q1 2012 (583.35) 24.6 % (0.14) (51.09) (532.27) (0.13)
Q2 2012 1,360.33 1.9 % 0.33 (27.23) 1,387.56 0.33
Q3 2012 2,875.39 32.2 % 0.69 (22.18) 2,897.58 0.70
Q4 2012 (1091.30) (108.9 %) (0.26) (533.77) (557.53) (0.13)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 39.82 % 37.23 % 7.44 %
Q2 2005 39.78 % 37.29 % 8.54 %
Q3 2005 39.67 % 37.25 % 8.92 %
Q4 2005 38.75 % 36.69 % 7.90 %
Q1 2006 37.90 % 36.14 % 7.17 %
Q2 2006 38.23 % 36.83 % 7.64 %
Q3 2006 38.60 % 37.50 % 8.37 %
Q4 2006 37.56 % 36.64 % 7.17 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 4,166.59 0.32 0.32 10.84
Q2 2005 4,166.59 0.37 0.37 10.84
Q3 2005 4,166.59 0.40 0.40 11.17
Q4 2005 4,166.59 0.36 0.36 11.10
Q1 2006 4,166.59 0.32 0.32 11.00
Q2 2006 4,166.59 0.35 0.35 11.04
Q3 2006 4,166.59 0.39 0.39 11.43
Q4 2006 4,166.59 0.34 0.34 11.31
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 71.97 71.97 2.10
Q2 2005 66.46 66.46 2.29
Q3 2005 70.29 70.29 2.52
Q4 2005 15.33 15.33 2.62
Q1 2006 85.80 85.80 2.53
Q2 2006 67.77 67.77 2.15
Q3 2006 49.37 49.37 1.68
Q4 2006 7.19 7.19 1.15
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 53.27 53.27 1.21
Q2 2008 47.63 47.63 1.07
Q3 2008 50.18 50.18 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


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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Share Price

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

Saudi Electricity Co. (SAUDI ELECTRICITY)

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