reports
- Talha Nazr
Saudi Electricity: Saudi Electricity: Earnings call summary
Operational performance * Q2 22 revenues increased 4.4% yoy (+43.4% qoq) to SAR19.40bn. The yoy growth is due to higher electricity sales and an increase in the number of subscribers, while the significant qoq growth is due to seasonal cyclicity. * Electricity sales grew 4.2% yoy to SAR17.37bn due to higher demand from the commercial, government and industrial segments. * Power generation capacity increased 1% yoy to 54.6GW and thermal efficiency improved by 20bps yoy to 37.0% by t...
- Talha Nazr
Saudi Electricity: Results in-line with expectation
SEC reported a Q2 22 net income of SAR5.50bn (before Mudaraba instruments cost), in-line with our estimates of SAR5.44bn. This compares to a net income of SAR5.83bn and SAR1.52bn in Q2 21 and Q1 22, respectively. The yoy decline in net income is due to higher receivable provisions booked in Q2 22, due to increased average aging of receivables. Adjusting for the Mudaraba instrument costs, SEC recorded a net income of SAR3.59bnn in Q2 22 vs net income of SAR3.92bn in Q2 21 and net loss of SAR37...
- Iyad KhalidÊGhulam
Saudi Electricity: Losses on higher than expected costs
SEC reported a weaker than expected set of Q4 21 results with a net loss of SAR506mn (before Mudaraba instruments cost) vs a net income of SAR4.14bn in Q4 20 and SAR7.38bn in Q3 21 and our estimates of SAR1.72bn. Although revenue was broadly in-line with our expectation, the variance was mainly due to 1) higher than expected COGS on higher fuel and maintenance costs and 2) higher non-opex and zakat expense. * Revenues stood at SAR15.02bn in Q4 21, down 25.4% yoy (-31.9% qoq) and were broadly...
With a more favourable environment, SAUDI ELECTRICITY improves to Slig...
SAUDI ELECTRICITY (SA), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date January 21, 2022, the closing price was SAR 25.45 and...
- Iyad KhalidÊGhulam
Saudi Electricity: Highest quarterly earnings on record
SEC reported a Q3 21 net income of SAR7.38bn (before Mudaraba instruments cost), vs a net income of SAR2.20bn in Q3 20 and SAR5.83bn in Q2 21. This is the highest quarterly earnings on record but came in lower than our estimates of SAR8.75bn. The yoy growth is due to 1) cancellation of government fee in Q3 21 vs a fee of SAR4.96bn in Q3 20 2) adoption of the RAB model driving higher other operating revenue 3) lower finance costs following the conversion of government loans as part of Mudaraba...
- Iyad KhalidÊGhulam
Saudi Electricity: First Q2 loss on record
SEC reported a net loss of SAR869mn in Q2 20 vs a net profit of SAR789mn in Q2 19 and a loss of SAR2.4bn in Q1 20. This compares with the NCBC and consensus estimate of a net profit of SAR728mn and SAR700mn, respectively. This is the first Q2 loss on record. The losses are mainly attributed to 1) settlement of fuel expenses of SAR597mn, 2) an increase in government fee cost of SAR477mn due to changes in sales mix. Adjusting for the one-off fuel settlement expense, net loss would be SAR272mn. ...
- Salma KHARBACHI
Exceptional Net profit growth
The largest utility company in the MENA region, Saudi Electricity, has released its interim financial results for the nine month period ended 30 September, 2017. 9M 2017 total revenues decreased by 0.2% to SAR39.14bn. The Net profit during the 9M 2017 increased by 95.1% to SAR12.4bn.
- Salma KHARBACHI
- Salma KHARBACHI
Positive quarter on municipality fee exemption
Saudi Electricity made a profit of SAR4.94bn in the three months to March 31, 2017. This compares with a loss of SAR798m in the same period a year earlier. Q1 2017 revenue increased by 0.3% to SAR8.920bn compared to SAR8.895bn for the same period a year earlier.
- Salma KHARBACHI
Definitely a sloppy quarter but a wealthy year
Saudi Electricity losses increased by 62.15% during Q4 2016 as compared to the same period a year earlier. Q4 2016 losses deepened to a total of SAR2.34bn from SAR4.45bn. However, the company reported 2016 net profit of SAR2.113bn as against SAR1.544bn in 2015 implying an increase of 36.9%. 2016 total revenues increased by 20.2% to SAR49.9bn, which was mainly driven by growth in electricity sales, electricity connection tariffs and other operating revenues.
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Salma KHARBACHI
Big up!
The largest utility company in the MENA region, Saudi Electricity, announces its interim financial results for the nine month period ended 30 September, 2016. 9M 2016 total revenues increased by 20.5% to SAR39.2bn. The company has also reported a 21% increase in electricity sales in 9M 2016 over the corresponding period of 2015. The Net profit attributable to SEC shareholders during the 9M 2016 is SAR4,456m against SAR2,952m in 9M 2015.
Tariff increase drives H1 2016 revenues growth
Saudi Electricity Co, the Gulf’s largest utility firm, reported a 27.7% drop in second-quarter net profit. H1 2016 total revenues increased by 14% to SAR22.1bn, primarily driven by electricity sales growth due to the tariff increase. Electricity sales increased by 13.8%.
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