Saudi Electricity loses SAR 1.9B after Mudaraba in 2024, SAR 7.5B in Q4 on non-recurring expenses

Saudi Electricity loses SAR 1.9B after Mudaraba in 2024, SAR 7.5B in Q4 on non-recurring expenses

05/03/2025 Argaam Exclusive

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Saudi Electricity Co. (SEC) reported a net loss, after deducting the payments of Mudaraba coupon, of SAR 1.9 billion in 2024, versus a net profit of SAR 2.6 billion a year earlier.

 

Before Mudaraba coupon payments, SEC’s annual profit declined to SAR 6.9 billion, from SAR 10.2 billion in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 75,329.67 88,666.00 17.7 %
Gross Income 15,521.38 17,486.00 12.7 %
Operating Income 14,166.00 11,770.00 (16.9 %)
Net Income before deducting Mudaraba Instrument profit 10,249.30 6,867.00 (33.0 %)
Net Income after deducting Mudaraba Instrument profit 2,587.92 (1925.00) (174.4 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 2.46 1.65 (33.0 %)
Earnings Per Share before unusual items 0.82 0.79 (4.2 %)
EPS after deducting Mudaraba Instrument profit (Riyals) 0.62 (0.46) (174.4 %)
This was mainly due to the recognition of non-recurring expenses based on the decision of the Ministerial Committee for the Restructuring of the Electricity Sector and SEC (the Ministerial Committee) to approve a final settlement of historically disputed amounts related to technical differences in fuel quantities and prices, handling costs, and electrical energy.
 
The company also posted higher net financing charges in the income statement reflecting increased financing raised in 2024 to fund SEC expanding capital expenditures and enhance its business growth.
 
However, this was offset by higher revenues due to an increase in required revenue recognized during the current year, driven by a rise in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB). This was in addition to strong demand for electric power, increase in electricity production revenue by SEC and continued growth in subscriber base. The company also posted an increase in revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers.
 
Before one-offs, 2024 net earnings reached SAR 12.08 billion, compared with SAR 11.09 billion in 2023.


Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 18,433.84 22,112.66 20.0 %
Gross Income (36.83) 1,420.70 3957.3 %
Operating Income (577.00) (4122.00) (614.4 %)
Net Income before deducting Mudaraba Instrument profit (91.21) (5272.85) (5,681.2 %)
Net Income (2022.29) (7482.83) (270.0 %)
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) (0.02) (1.27) (5,653.2 %)
Earnings Per Share before unusual items (0.49) (0.43) 11.2 %
EPS (Riyals) (0.49) (1.80) (270.0 %)

Shareholders' equity, no minority interest and after the payment of Mudaraba coupon, totaled SAR 77.8 billion by the end of 2024, compared with SAAR 88.4 billion a year.

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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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)
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
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)
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)
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
Q4 2023 (2022.29) (960.9 %) (0.49) - (2022.29) (0.49)
Q1 2024 (1288.82) 8.6 % (0.31) - (1288.82) (0.31)
Q2 2024 2,158.61 2.5 % 0.52 473.00 1,685.61 0.40
Q3 2024 4,688.03 19.8 % 1.13 - 4,688.03 1.13
Q4 2024 (7482.83) (270.0 %) (1.80) (5687.00) (1795.83) (0.43)
2024 (1925.00) (174.4 %) (0.46) (5214.00) 3,289.00 0.79


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %
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 %)
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 %
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 %
Q4 2023 18,433.84 12.4 % (36.83) (101.2 %) (577.00) (128.7 %)
Q1 2024 15,858.49 18.5 % 2,140.45 21.6 % 1,748.72 24.6 %
Q2 2024 22,379.34 13.5 % 5,167.43 (14.7 %) 5,022.70 (11.7 %)
Q3 2024 28,315.52 19.0 % 8,757.42 13.1 % 8,155.44 3.1 %
Q4 2024 22,112.66 20.0 % 1,420.70 3957.3 % (4122.00) (614.4 %)
2024 88,666.00 17.7 % 17,486.00 12.7 % 11,770.00 (16.9 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q3 2020 6.35 % 33.22 % (1.38 %)
Q4 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 %
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 %
Q1 2023 26.25 % 49.35 % 8.95 %
Q2 2023 25.46 % 49.18 % 6.85 %
Q3 2023 25.43 % 50.37 % 7.18 %
Q4 2023 20.60 % 44.33 % 4.56 %
Q1 2024 20.44 % 43.68 % 4.57 %
Q2 2024 18.66 % 41.48 % 3.89 %
Q3 2024 18.86 % 39.45 % 3.60 %
Q4 2024 19.72 % - 3.71 %
2024 19.72 % - 3.71 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2023 4,166.59 0.62 0.82 21.22
Q1 2024 4,166.59 0.65 0.85 21.50
Q2 2024 4,166.59 0.66 0.75 20.84
Q3 2024 4,166.59 0.85 0.74 22.25
Q4 2024 4,166.59 (0.46) 0.79 18.66

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 30.56 23.04 0.89
Q1 2024 30.37 23.15 0.92
Q2 2024 24.76 21.82 0.79
Q3 2024 19.63 22.67 0.75
Q4 2024 NEG 21.41 0.91

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)
Q4 2023 15,373.00 8,968.00 152.00 - (6059.00)
Q1 2024 14,453.00 6,392.00 222.00 - (5209.00)
Q2 2024 20,427.00 6,901.00 260.00 - (5208.00)
Q3 2024 26,520.00 6,762.00 242.00 - (5209.00)

Analysts Estimates (Million)

Item Q4 2024 (e) Q4 2024 (a) Change‬
Average (2241.00) (7482.83) (233.9 %)

Estimates vs Actual (Million)

Item Q4 2024 (e) Q4 2024 (a) Change
SNB Capital (2264.00) (7482.83) (230.5) %
Riyad Capital (2218.00) (7482.83) (237.4) %


Financial Ratios
Current
Market Cap (M Riyal) 66,915.44
Enterprise Value (EV) (M) 193,629.36
Shares Outstanding ((M)) 4,166.59
EPS ( Riyal) (TTM) (0.46)
Book Value (BV) ( Riyal) 18.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 20.35
P/E (TTM) NEG
Price/book 0.86
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) (0.67 )
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Share Price

Saudi Electricity Co.
16.06
0.10 0.63 %

Saudi Electricity Co. (SAUDI ELECTRICITY)

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