Saudi Electricity 9M 2023 profit down 40% to SAR 4.62 bln after Mudaraba; Q3 at SAR 3.9 bln

07/11/2023 Argaam Exclusive

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Saudi Electricity Co. (SEC) reported a 40% drop in net profit after deducting the payment of Mudaraba coupon to SAR 4.6 billion in the first nine months of 2023 from SAR 7.7 billion a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	55,682.62	56,895.83	2.2 %
Gross Income	16,679.55	15,558.21	(6.7 %)
Operating Income	14,758.48	15,001.70	1.6 %
Net Income before deducting Mudaraba Instrument profit	13,394.75	10,340.51	(22.8 %)
Net Income after deducting Mudaraba Instrument profit	7,664.46	4,610.22	(39.8 %)
Average Shares	4,166.59	4,166.59	0.0 %
EPS before deducting Mudaraba Instrument profit (Riyals)	3.21	2.48	(22.7 %)
EPS after deducting Mudaraba Instrument profit (Riyals)	1.84	1.11	(39.8 %)

Before Mudaraba coupon, the nine-month bottom line fell to SAR 10.3 billion from SAR 13.4 billion in the corresponding period of 2022.

The nine-month performance was hurt by higher financing costs (FCs), mainly due to the prevailing high interest rates globally and the additional funding obtained during the current year to finance the company's capital projects.

Higher operations and maintenance expenses also weighed on SEC’s nine-month profit due to business growth and increased planned maintenance. In addition, new projects come on stream, compared to the same period last year.

SEC also reported increased depreciation of operation and maintenance assets as a result of the company’s asset growth over the last twelve-month period.

On the other hand, operating revenue rose reflecting growth in power demand, continued growth in subscriber base, and higher transmission system revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	22,749.62	23,799.09	4.6 %
Gross Income	7,496.39	7,743.56	3.3 %
Operating Income	6,913.51	7,912.39	14.4 %
Net Income before deducting Mudaraba Instrument profit	6,375.23	5,843.84	(8.3 %)
Net Income	4,444.14	3,912.76	(12.0 %)
Average Shares	4,166.59	4,166.59	0.0 %
EPS before deducting Mudaraba Instrument profit (Riyals)	1.53	1.40	(8.3 %)
EPS (Riyals)	1.07	0.94	(12.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	19,717.53	23,799.09	20.7 %
Gross Income	6,054.87	7,743.56	27.9 %
Operating Income	5,686.00	7,912.39	39.2 %
Net Income before deducting Mudaraba Instrument profit	4,016.92	5,843.84	45.5 %
Net Income	2,106.83	3,912.76	85.7 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	0.96	1.40	45.5 %
EPS (Riyals)	0.51	0.94	85.7 %

The third-quarter net earnings declined 12% year-on-year (YoY) to SAR 3.9 billion on increased FCs amid higher global interest rates.

Net profit leapt by 86.4% from SAR 2.10 billion in Q2 2023 due to seasonal sales of power.

Total shareholders’ equity, no minority interest after Mudaraba coupon, rose to SAR 93 billion as of Sept. 30, 2023, from SAR 91.13 billion in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q4 2021	15,577.22	(22.6 %)	2,561.46	(52.4 %)	1,997.65	(60.7 %)
2021	69,338.04	0.9 %	20,541.96	146.8 %	18,582.12	169.2 %
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 %)
Q4 2022	16,396.81	5.3 %	3,080.27	20.3 %	2,013.34	0.8 %
2022	72,079.42	4.0 %	19,759.82	(3.8 %)	16,771.82	(9.7 %)
Q1 2023	13,379.21	(1.1 %)	1,759.78	(33.3 %)	1,403.31	(31.8 %)
Q2 2023	19,717.53	1.6 %	6,054.87	(7.5 %)	5,686.00	(1.8 %)
Q3 2023	23,799.09	4.6 %	7,743.56	3.3 %	7,912.39	14.4 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2021	69,338.04	0.9 %	20,541.96	146.8 %	18,582.12	169.2 %
2022	72,079.42	4.0 %	19,759.82	(3.8 %)	16,771.82	(9.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q4 2021	(2436.99)	(176.0 %)	(0.58)	(863.44)	(1573.56)	(0.38)
2021	6,729.50	220.7 %	1.62	(1348.05)	8,077.54	1.94
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
Q4 2022	(190.61)	92.2 %	(0.05)	-	(190.61)	(0.05)
2022	7,473.85	11.1 %	1.79	-	7,473.85	1.79
Q1 2023	(1409.36)	(279.0 %)	(0.34)	-	(1409.36)	(0.34)
Q2 2023	2,106.83	(41.3 %)	0.51	-	2,106.83	0.51
Q3 2023	3,912.76	(12.0 %)	0.94	(844.26)	4,757.02	1.14

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2021	6,729.50	220.7 %	1.62	(1348.05)	8,077.54	1.94
2022	7,473.85	11.1 %	1.79	-	7,473.85	1.79

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2021	29.63 %	55.20 %	11.65 %
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 %
Q4 2022	27.41 %	50.10 %	10.37 %
2022	27.41 %	50.10 %	10.37 %
Q1 2023	26.25 %	49.35 %	8.95 %
Q2 2023	25.46 %	49.18 %	6.85 %
Q3 2023	25.43 %	50.37 %	7.18 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2021	29.63 %	55.20 %	11.65 %
2022	27.41 %	50.10 %	10.37 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2021	16.44 %	45.53 %	(10.10 %)
Q1 2022	19.50 %	49.67 %	(2.75 %)
Q2 2022	33.73 %	54.45 %	18.51 %
Q3 2022	32.95 %	51.40 %	19.54 %
Q4 2022	18.79 %	43.50 %	(1.16 %)
Q1 2023	13.15 %	45.66 %	(10.53 %)
Q2 2023	30.71 %	53.72 %	10.69 %
Q3 2023	32.54 %	54.99 %	19.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	4,166.59	1.79	1.79	21.39
Q1 2023	4,166.59	1.54	1.54	21.50
Q2 2023	4,166.59	1.19	1.19	20.85
Q3 2023	4,166.59	1.06	1.26	22.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2021	4,166.59	1.62	1.94	20.09
2022	4,166.59	1.79	1.79	21.39

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	12.88	12.88	1.08
Q1 2023	15.12	15.12	1.09
Q2 2023	18.97	18.97	1.08
Q3 2023	17.97	15.09	0.85

Period	P/E	Adjusted P/E	Price/book
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
2021	14.85	12.37	1.19
2022	12.88	12.88	1.08

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)
Q1 2023	12,314.00	5,581.00	142.00	-	(4658.00)
Q2 2023	18,825.00	5,452.00	147.00	-	(4707.00)
Q3 2023	23,042.00	5,284.00	181.00	-	(4707.00)

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)
2021	69,022.00	17,681.00	371.00	-	(17736.00)
2022	71,574.00	18,182.00	1,233.00	-	(18910.00)

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	3,169.50	3,912.76	23.45 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Riyad Capital	3,272.00	3,912.76	19.6 %
SNB Capital	3,067.00	3,912.76	27.6 %

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 9M 2023 profit down 40% to SAR 4.62 bln after Mudaraba; Q3 at SAR 3.9 bln

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Financials (M)

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Profit Performance (Million)

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Analysts Estimates (Million)

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Saudi Electricity 9M 2023 profit down 40% to SAR 4.62 bln after Mudaraba; Q3 at SAR 3.9 bln

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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) Q3 2023

Revenue by Business Segment (Latest) 2023 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)