Saudi Electricity earns SAR 5.6B after Mudaraba in 9M 2024; Q3 at SAR 4.7B

Saudi Electricity earns SAR 5.6B after Mudaraba in 9M 2024; Q3 at SAR 4.7B

06/11/2024 Argaam Exclusive

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Saudi Electricity Co. (SEC) reported a net profit, after deducting the payments of Mudaraba coupon, of SAR 5.6 billion in the first nine months of 2024, compared to SAR 4.6 billion in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 56,895.83 66,553.00 17.0 %
Gross Income 15,558.21 16,065.00 3.3 %
Operating Income 14,743.00 15,892.00 7.8 %
Net Income before deducting Mudaraba Instrument profit 10,340.51 12,140.00 17.4 %
Net Income after deducting Mudaraba Instrument profit 4,610.22 5,558.00 20.6 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 2.48 2.91 17.4 %
EPS after deducting Mudaraba Instrument profit (Riyals) 1.11 1.33 20.6 %
Before Mudaraba coupon payments, SEC’s nine-month profit increased to SAR 12.1 billion, from SAR 10.3 billion in 9M 2023.
 
The profit rise was driven by higher revenue, due to an increase in the revenue required to be recognized during the current quarter.
 
This came on the back of a rise in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB).
 
The utility also reported higher power generation revenue and maintained growth in the subscriber base. It also generated new revenue from development projects to build substations and transmission lines on behalf of SEC’s customers.
 
SEC also cited lower financing costs (FCs). Moreover, the same quarter of the previous year was impacted by non-recurring expenses that led to a decrease in net income and other expenses.
 
On the other hand, operating and maintenance expenses increased, along with general and administrative expenses (G&A).


Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 23,799.09 28,316.00 19.0 %
Gross Income 7,743.56 8,757.00 13.1 %
Operating Income 7,185.00 8,284.00 15.3 %
Net Income before deducting Mudaraba Instrument profit 5,843.84 6,898.00 18.0 %
Net Income 3,912.76 4,688.21 19.8 %
Average Shares 4,166.59 4,166.59 -
EPS before deducting Mudaraba Instrument profit (Riyals) 1.40 1.66 18.0 %
EPS (Riyals) 0.94 1.13 19.8 %
In Q3 2024, the utility reported a 19.8% rise in net profit to SAR 4.7 billion, compared to SAR 3.9 billion in Q3 2023, boosted by higher revenues and lower financing charges.
 
On a quarterly basis, net profit more than doubled from SAR 2.1 billion in Q2 2024.
 
Total shareholders’ equity, no minority interest – after Mudaraba coupon payments, decreased to SAR 92.7 billion as of Sept. 30, 2024, from SAR 93 billion a year earlier.

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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 % 7,185.00 3.9 %
Q4 2023 18,433.84 12.4 % (36.83) (101.2 %) (882.55) (143.8 %)
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 %) 5,589.00 (1.7 %)
Q3 2024 28,316.00 19.0 % 8,757.00 13.1 % 8,284.00 15.3 %


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)
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 4,688.21 19.8 % 1.13 - 4,688.21 1.13

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 % 49.38 % 7.18 %
Q4 2023 20.60 % 42.96 % 4.56 %
Q1 2024 20.44 % 42.36 % 4.57 %
Q2 2024 18.66 % 40.84 % 3.89 %
Q3 2024 18.86 % - 3.60 %


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
Q2 2024 4,166.59 0.66 0.75 20.84
Q3 2024 4,166.59 0.85 0.74 22.25

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 22.66 0.75

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)

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 3,580.00 4,688.21 30.96 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Riyad Capital 3,760.00 4,688.21 24.7 %
SNB Capital 3,400.00 4,688.21 37.9 %


Financial Ratios
Current
Market Cap (M Riyal) 67,665.42
Enterprise Value (EV) (M) 190,073.60
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) 22.09
P/E (TTM) 19.14
Price/book 0.73
Return on Average Assets (%) (TTM) 0.7
Return on Average Equity (%) (TTM) 3.8
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Share Price

Saudi Electricity Co.
17.06
0.82 5.05 %

Saudi Electricity Co. (SAUDI ELECTRICITY)

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Quarterly Actuals vs Estimates 06/11/2024

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