Saudi Electricity cuts losses after Mudaraba to SAR 1.3B in Q1 2024

12/05/2024 Argaam Exclusive

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Saudi Electricity Co. (SEC) narrowed Q1 2024 net losses to SAR 1.3 billion (after deducting the payments of Mudaraba coupon) from SAR 1.4 billion in the year-earlier period.

Before deducting the Mudaraba coupon, Q1 2024 earnings reached SAR 897 billion, up from SAR 480 billion in 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	13,379.21	15,858.49	18.5 %
Gross Income	1,759.78	2,140.45	21.6 %
Operating Income	1,403.31	1,748.72	24.6 %
Net Income before deducting Mudaraba Instrument profit	479.74	897.18	87.0 %
Net Income	(1409.36)	(1288.82)	8.6 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	0.12	0.22	86.9 %
EPS (Riyals)	(0.34)	(0.31)	8.6 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	18,433.84	15,858.49	(14.0 %)
Gross Income	(36.83)	2,140.45	5911.5 %
Operating Income	(882.55)	1,748.72	298.1 %
Net Income before deducting Mudaraba Instrument profit	(91.21)	897.18	1083.7 %
Net Income	(2022.29)	(1288.82)	36.3 %
Average Shares	4,166.59	4,166.59	-
EPS before deducting Mudaraba Instrument profit (Riyals)	(0.02)	0.22	1078.6 %
EPS (Riyals)	(0.49)	(0.31)	36.3 %

The decline in losses was driven by an increase in required revenue recognized during the current quarter, which was due to an increase in regulatory weighted average cost of capital (WACC) and a growing regulated asset portfolio.

This is in addition to new revenue from development projects to build substations and transmission lines for SEC customers, as well as higher revenue from Dawiyat Co. due to a growing subscriber base for FTTH connections.

The company also reported lower financing costs, a higher SEC’s share of profits on equity accounted investees, and lower provision for receivables from consumption of electricity reflecting improved collections and sales seasonality.

The aforementioned items have been partially offset by higher operating and maintenance costs due to growing business and operating assets and higher loads, higher general and administrative expenses, and higher Zakat provisions.

Sequentially, the utility provider narrowed losses in Q1 2024 from SAR 2.03 million in Q4 2023.

Total shareholders’ equity, no minority interest and after deducting Sukuk, reached SAR 89.59 billion as of March 31, 2024, compared to SAR 89.56 billion a year before.

View More Financial Results

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 %)
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 %
Q4 2023	18,433.84	12.4 %	(36.83)	(101.2 %)	(882.55)	(143.8 %)
2023	75,329.67	4.5 %	15,521.38	(21.4 %)	14,119.15	(15.8 %)
Q1 2024	15,858.49	18.5 %	2,140.45	21.6 %	1,748.72	24.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	75,329.67	4.5 %	15,521.38	(21.4 %)	14,119.15	(15.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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)
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
Q4 2023	(2022.29)	(960.9 %)	(0.49)	-	(2022.29)	(0.49)
2023	2,587.92	(65.4 %)	0.62	(844.26)	3,432.19	0.82
Q1 2024	(1288.82)	8.6 %	(0.31)	-	(1288.82)	(0.31)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	2,587.92	(65.4 %)	0.62	(844.26)	3,432.19	0.82

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 %
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 %
Q4 2023	20.60 %	43.93 %	4.56 %
2023	20.60 %	43.93 %	4.56 %
Q1 2024	20.44 %	43.29 %	4.57 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	20.60 %	43.93 %	4.56 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	(0.20 %)	17.91 %	(10.97 %)
Q1 2024	13.50 %	42.26 %	(8.13 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	4,166.59	0.62	0.82	21.22

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

Period	P/E	Adjusted P/E	Price/book
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
2023	30.56	23.04	0.89

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)

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)
2023	69,554.00	25,285.00	622.00	-	(20131.00)

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	(1429.50)	(1288.82)	9.84 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
SNB Capital	(1359.00)	(1288.82)	5.2 %
Riyad Capital	(1500.00)	(1288.82)	14.1 %

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 cuts losses after Mudaraba to SAR 1.3B in Q1 2024

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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) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi Electricity Co. (SAUDI ELECTRICITY)

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Saudi Electricity cuts losses after Mudaraba to SAR 1.3B in Q1 2024

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

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)