Saudi Electricity turns to SAR 9.166 bln net profit after deducting Mudaraba in 9M 2021

07/11/2021 Argaam Exclusive

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Saudi Electricity Co. turned to a net profit of SAR 14.897 billion, before deduction of Mudaraba distribution, in the first nine months of 2021, compared to a net loss of SAR 1.1094 billion in the same period last year.

By deducting dividends from the Mudaraba instrument, amounting to SAR 5.731 billion, the company achieved a net profit of SAR 9.166 billion (SAR 2.2/share) by the end of the first nine months of 2021, compared to a net loss of SAR 1.1094 billion (SAR 0.27/share) in year-ago period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	48,583.29	53,760.82	10.7 %
Gross Income	2,936.71	17,980.50	512.3 %
Operating Income	1,824.68	16,584.47	808.9 %
Net Income after deducting Mudaraba Instrument profit	(1109.44)	9,166.49	926.2 %
Average Shares	4,166.59	4,166.59	-
EPS after deducting Mudaraba Instrument profit (Riyals)	(0.27)	2.20	926.2 %

The company attributed the profit to the implementation of regulatory and financial reforms approved for the electricity sector in November 2020.

It includes cancellation of the government fee as of Jan. 1, as opposed to the same period last prior year, which has a government fee of SAR 11.86 billion; adoption of a Regulatory Asset Based (RAB) model to regulate the company’s revenue, effective from 2021; and lower finance costs on the income statement due to drop in debt levels following the conversion of the government loans as part of the Mudaraba signed in November 2020.

This was partly offset by lower other income due to decrease in government grants amortization and higher accounts receivable provisions, reflecting rise in revenue base retained by the company after the government fee cancellation.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	20,517.11	21,832.09	6.4 %
Gross Income	3,340.09	8,594.81	157.3 %
Operating Income	2,864.58	8,032.74	180.4 %
Net Income	2,200.58	5,448.49	147.6 %
Average Shares	4,166.59	4,166.59	-
EPS (Riyals)	0.53	1.31	147.6 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	18,580.36	21,832.09	17.5 %
Gross Income	6,457.61	8,594.81	33.1 %
Operating Income	6,403.89	8,032.74	25.4 %
Net Income before deducting Mudaraba Instrument profit	5,828.08	7,379.58	26.6 %
Net Income	3,917.98	5,448.49	39.1 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	1.39	1.78	28.1 %
EPS (Riyals)	0.94	1.31	39.1 %

In Q3 2021, the utility provider reported a net profit of SAR 5.448 billion, rising 147.6% year-on-year (YoY).

On a sequential basis, the company posted 39.1% rise in Q3 2021 net profit on seasonality of sales.

Total shareholders’ equity, excluding minority interest, stood at SAR 256.26 billion in 9M 2021, compared to SAR 71.164 billion in the same period a year ago.

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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 %
Q3 2021	21,832.09	6.4 %	8,594.81	157.3 %	8,032.74	180.4 %

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
Q3 2021	5,448.49	147.6 %	1.31	-	5,448.49	1.31

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 %
Q3 2021	31.62 %	55.29 %	17.40 %

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 %
Q3 2021	39.37 %	59.67 %	24.96 %

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
Q3 2021	4,166.59	2.97	3.09	21.20

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
Q3 2021	9.06	8.72	1.27

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	Q3 2021 (e)	Q3 2021 (a)	Change‬
Average	7,549.33	5,448.49	(27.8 %)

Estimates vs Actual (Million)

Item	Q3 2021 (e)	Q3 2021 (a)	Change
Arqaam Capital	6,384.00	5,448.49	(14.7) %
Riyad Capital	7,519.00	5,448.49	(27.5) %
SNB Capital	8,745.00	5,448.49	(37.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	69,498.72
Enterprise Value (EV) (M)	196,212.64
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)	22.69
P/E (TTM)	19.66
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 turns to SAR 9.166 bln net profit after deducting Mudaraba in 9M 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 Q3

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 turns to SAR 9.166 bln net profit after deducting Mudaraba in 9M 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 Q3

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)