Saudi Electricity swings to net profit of SAR 7.517 bln for H1 2021

08/08/2021 Argaam Exclusive

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Saudi Electricity Co. (SEC), the Kingdom’s utility provider, reported net profit after Zakat and tax of SAR 7.517 billion for H1 2021, versus net loss of SAR 3.31 billion in a year-earlier period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	28,066.18	31,928.73	13.8 %
Gross Income	(403.39)	9,385.69	2426.7 %
Operating Income	(1039.90)	8,551.73	922.4 %
Net Income after deducting Mudaraba Instrument profit	(3310.02)	3,718.00	212.3 %
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	(0.79)	0.89	212.3 %

This was driven by the enactment of regulatory and financial reforms in the electricity sector in November 2020, which boosted operating revenue and cut financing costs.

The company also cited lower financing costs due to lower overall debt levels following the conversion of the government loans as part of the Mudarabah instrument signed in November 2020.

Deducting SAR 3.799 billion in dividend pertaining to the company’s agreement with the government, SEC would have reported SAR 3.718 billion in profit for H1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	16,668.46	18,580.36	11.5 %
Gross Income	788.96	6,457.61	718.5 %
Operating Income	374.58	6,403.89	1609.6 %
Net Income	(868.56)	3,917.98	551.1 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	(0.21)	0.94	551.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	13,348.37	18,580.36	39.2 %
Gross Income	2,928.08	6,457.61	120.5 %
Operating Income	2,147.85	6,403.89	198.2 %
Net Income before deducting Mudaraba Instrument profit	1,689.13	5,828.08	245.0 %
Net Income	(199.98)	3,917.98	2059.2 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	0.41	1.39	239.0 %
EPS (Riyals)	(0.05)	0.94	2059.2 %

The second-quarter net profit stood at SAR 5.82 billion, versus net loss of SAR 869 million in Q2 2020, backed by higher operating revenue and growth in electricity sales.

On a sequential basis, net profit increased by more than three-fold.

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,899.43	50.1 %
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 %)
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	1,980.83	(31.7 %)
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 %)
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	1,098.25	(44.6 %)
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 %)
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,592.84	45.0 %
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 %
2016	49,861.00	20.0 %	6,852.47	165.1 %	5,791.95	263.6 %
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 %)
2017	50,685.00	1.7 %	6,690.00	(2.4 %)	5,249.51	(9.4 %)
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 %)
2018	64,063.64	26.4 %	5,919.61	(11.5 %)	4,579.58	(12.8 %)
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 %
2019	65,040.00	1.5 %	6,124.12	3.5 %	4,879.59	6.6 %
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 %
2020	68,708.92	5.6 %	8,322.53	35.9 %	6,901.52	41.4 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	30,569.60	9.5 %	2,701.49	4.2 %	1,931.68	4.4 %
2012	33,646.26	10.1 %	3,608.24	33.6 %	2,899.43	50.1 %
2013	35,672.13	6.0 %	2,641.41	(26.8 %)	1,980.83	(31.7 %)
2014	38,490.67	7.9 %	2,027.74	(23.2 %)	1,098.25	(44.6 %)
2015	41,538.73	7.9 %	2,585.27	27.5 %	1,592.84	45.0 %
2016	49,861.00	20.0 %	6,852.47	165.1 %	5,791.95	263.6 %
2017	50,685.00	1.7 %	6,690.00	(2.4 %)	5,249.51	(9.4 %)
2018	64,063.64	26.4 %	5,919.61	(11.5 %)	4,579.58	(12.8 %)
2019	65,040.00	1.5 %	6,124.12	3.5 %	4,879.59	6.6 %
2020	68,708.92	5.6 %	8,322.53	35.9 %	6,901.52	41.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
2012	2,561.07	15.7 %	0.61	(634.27)	3,195.33	0.77
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)
2013	3,035.87	18.5 %	0.73	729.19	2,306.68	0.55
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)
2014	3,606.59	18.8 %	0.87	2,097.94	1,508.65	0.36
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)
2015	1,543.64	(57.2 %)	0.37	201.51	1,342.13	0.32
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)
2016	4,545.26	194.5 %	1.09	(110.26)	4,655.51	1.12
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)
2017	6,908.00	52.0 %	1.66	3,290.39	3,617.61	0.87
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)
2018	1,757.13	(74.6 %)	0.42	-	1,757.13	0.42
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)
2019	1,387.56	(21.0 %)	0.33	-	1,387.56	0.33
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
2020	2,098.17	51.2 %	0.50	(808.09)	2,906.26	0.70
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	2,213.16	(2.9 %)	0.53	(125.27)	2,338.42	0.56
2012	2,561.07	15.7 %	0.61	(634.27)	3,195.33	0.77
2013	3,035.87	18.5 %	0.73	729.19	2,306.68	0.55
2014	3,606.59	18.8 %	0.87	2,097.94	1,508.65	0.36
2015	1,543.64	(57.2 %)	0.37	201.51	1,342.13	0.32
2016	4,545.26	194.5 %	1.09	(110.26)	4,655.51	1.12
2017	6,908.00	52.0 %	1.66	3,290.39	3,617.61	0.87
2018	1,757.13	(74.6 %)	0.42	-	1,757.13	0.42
2019	1,387.56	(21.0 %)	0.33	-	1,387.56	0.33
2020	2,098.17	51.2 %	0.50	(808.09)	2,906.26	0.70

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
2014	5.27 %	38.08 %	3.92 %
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 %
2015	6.22 %	39.79 %	3.23 %
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 %
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 %
2017	13.20 %	41.47 %	7.14 %
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 %
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 %
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 %
2020	12.11 %	37.39 %	4.23 %
Q1 2021	17.61 %	41.45 %	6.95 %
Q2 2021	24.96 %	48.92 %	13.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	8.84 %	38.83 %	7.65 %
2012	10.72 %	40.82 %	9.50 %
2013	7.40 %	38.44 %	6.47 %
2014	5.27 %	38.08 %	3.92 %
2015	6.22 %	39.79 %	3.23 %
2016	13.74 %	38.65 %	9.34 %
2017	13.20 %	41.47 %	7.14 %
2018	9.24 %	33.58 %	2.74 %
2019	9.42 %	36.28 %	2.13 %
2020	12.11 %	37.39 %	4.23 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	(6.16 %)	34.87 %	(8.96 %)
Q2 2012	15.45 %	43.18 %	15.31 %
Q3 2012	27.90 %	50.91 %	26.61 %
Q4 2012	(6.00 %)	28.46 %	(7.19 %)
Q1 2013	(8.98 %)	31.89 %	(10.23 %)
Q2 2013	8.59 %	37.64 %	8.31 %
Q3 2013	24.69 %	48.52 %	24.17 %
Q4 2013	(6.10 %)	29.89 %	(8.13 %)
Q1 2014	(12.22 %)	29.22 %	(12.92 %)
Q2 2014	12.79 %	42.39 %	12.57 %
Q3 2014	22.56 %	48.81 %	21.39 %
Q4 2014	(14.84 %)	24.44 %	(18.41 %)
Q1 2015	(16.65 %)	29.44 %	(25.91 %)
Q2 2015	17.81 %	46.46 %	16.54 %
Q3 2015	22.94 %	49.96 %	22.17 %
Q4 2015	(14.96 %)	23.94 %	(18.32 %)
Q1 2016	(3.85 %)	30.13 %	(8.98 %)
Q2 2016	21.15 %	43.14 %	16.99 %
Q3 2016	32.61 %	50.78 %	28.77 %
Q4 2016	(11.12 %)	20.65 %	(16.13 %)
Q1 2017	(7.33 %)	31.61 %	(13.27 %)
Q2 2017	20.23 %	46.00 %	16.78 %
Q3 2017	33.02 %	55.39 %	30.98 %
Q4 2017	(8.33 %)	23.27 %	(25.47 %)
Q1 2018	(5.47 %)	28.00 %	(10.65 %)
Q2 2018	16.60 %	38.81 %	10.43 %
Q3 2018	27.23 %	44.57 %	22.46 %
Q4 2018	(18.16 %)	12.88 %	(29.17 %)
Q1 2019	(5.58 %)	32.80 %	(13.07 %)
Q2 2019	11.02 %	37.34 %	4.77 %
Q3 2019	18.05 %	39.16 %	12.86 %
Q4 2019	7.24 %	33.93 %	(3.63 %)
Q1 2020	(10.46 %)	28.93 %	(19.31 %)
Q2 2020	4.73 %	30.27 %	(1.63 %)
Q3 2020	16.28 %	37.43 %	10.58 %
Q4 2020	26.76 %	48.04 %	15.94 %
Q1 2021	21.94 %	51.65 %	(1.50 %)
Q2 2021	34.76 %	60.62 %	23.69 %

Per Share Data (Riyal)

Compared With The

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	4,166.59	0.53	0.56	12.45
2012	4,166.59	0.61	0.77	12.83
2013	4,166.59	0.73	0.55	13.51
2014	4,166.59	0.87	0.36	14.22
2015	4,166.59	0.37	0.32	14.48
2016	4,166.59	1.09	1.12	15.74
2017	4,166.59	1.66	0.87	17.35
2018	4,166.59	0.42	0.42	17.68
2019	4,166.59	0.33	0.33	17.66
2020	4,166.59	0.50	0.70	19.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
2011	4.91	4.65	1.12
2012	4.09	3.28	1.04
2013	3.75	4.93	1.08
2014	3.23	7.72	1.05
2015	7.95	9.15	1.08
2016	3.88	3.79	1.43
2017	2.38	4.55	1.21
2018	9.22	9.22	0.86
2019	15.60	15.60	1.15
2020	42.30	30.54	1.11

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)

Period	Saudi Electricity Company	National Electricity Transmission Company	Other Subsidiaries	Joint Operations	Inter-Company Balances
2015	41,513.44	7,127.31	25.14	-	(7127.16)
2016	49,842.75	8,420.38	56.34	2,507.18	(10965.65)
2017	50,699.60	10,760.55	28.58	2,113.84	(12917.66)
2018	64,078.33	12,372.34	34.95	1,280.84	(13702.82)
2019	64,997.00	13,227.00	99.00	1,271.00	(14554.00)
2020	68,549.00	14,252.00	215.00	1,318.00	(15625.00)

Analysts Estimates (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change‬
Average	3,891.00	3,917.98	0.69 %

Estimates vs Actual (Million)

Item	Q2 2021 (e)	Q2 2021 (a)	Change
SNB Capital	4,659.00	3,917.98	(15.9) %
Riyad Capital	3,123.00	3,917.98	25.5 %

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

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Saudi Electricity swings to net profit of SAR 7.517 bln for H1 2021

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Saudi Electricity swings to net profit of SAR 7.517 bln for H1 2021

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Business Segments (Million)