Saudi Electricity losses widen to SAR 3.310 bln

Saudi Electricity losses widen to SAR 3.310 bln

28/07/2020 Argaam Exclusive

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Saudi Electricity Co. (SEC), the Kingdom's utility provider, widened net losses after Zakat and tax to SAR 3.310 billion in H1 2020, from SAR 700 million in the same period last year.

 

SEC was hit by non-recurring items, including a settlement of fuel dues differences of SAR 837 million to Saudi Aramco, a change in the sales mix to higher residential and lower commercial, governmental and industrial consumption during the COVID-19 pandemic lockdown period. Accordingly, government fees increased by SAR 477 million.

 

The company also incurred higher power purchase costs and higher finance charges.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 27,915.51 28,066.18 0.5 %
Gross Income 1,184.28 (403.39) (134.1 %)
Operating Income 611.31 (1039.90) (270.1 %)
Net Income after deducting Mudaraba Instrument profit (700.46) (3310.02) (372.6 %)
Average Shares 4,166.59 4,166.59 -
EPS after deducting Mudaraba Instrument profit (Riyals) (0.17) (0.79) (372.6 %)

In Q2 2020, the utility provider turned to a net loss after Zakat and tax of SAR 869 million against a net profit of SAR 789 million, due to non-recurring items, including a settlement of fuel dues differences of SAR 837 million to Saudi Aramco, a change in the sales mix to higher residential and lower commercial, governmental and industrial consumption during the COVID-19 pandemic lockdown period.

 

Accordingly, government fees increased by SAR 503 million.

 

The company trimmed net losses by 64% quarter-on-quarter, backed by sales seasonality, despite recording of a settlement expense of fuel dues differences to Saudi Aramco, a change in the sales mix, and higher finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 16,520.27 16,668.46 0.9 %
Gross Income 1,820.66 788.96 (56.7 %)
Operating Income 1,554.30 374.58 (75.9 %)
Net Income 788.77 (868.56) (210.1 %)
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) 0.19 (0.21) (210.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %)


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

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

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)

Analysts Estimates (Million)

Item Q2 2020 (e) Q2 2020 (a) Change‬
Average 713.00 (868.56) (221.8 %)

Estimates vs Actual (Million)

Item Q2 2020 (e) Q2 2020 (a) Change
SNB Capital 738.00 (868.56) (217.7) %
SNB Capital 738.00 (868.56) (217.7) %
Riyad Capital 663.00 (868.56) (231.0) %


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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