May 10, 2023
Saudi Electricity Company announces its interim consolidated condensed financial results for the period ending on 31-03-2023 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
| Sales/Revenue | 13,379 | 13,531 | -1.12 | 16,397 | -18.41 |
| Gross Profit (Loss) | 1,760 | 2,638 | -33.28 | 3,080 | -42.86 |
| Operational Profit (Loss) | 1,724 | 2,209 | -21.95 | 2,724 | -36.71 |
| Net Profit (Loss) after Zakat and Tax | 480 | 1,517 | -68.36 | 1,740 | -72.41 |
| Total Comprehensive Income | 432 | 2,097 | -79.4 | 2,138 | -79.79 |
All figures are in (Millions) Saudi Arabia, Riyals
| Element List | Current Period | Similar period for previous year | %Change |
| Total Share Holders Equity (after Deducting Minority Equity) | 257,483 | 253,721 | 1.48 |
| Profit (Loss) per Share | -0.34 | -0.09 |
All figures are in (Millions) Saudi Arabia, Riyals
| Element List | Explanation |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The decrease in net income for the current quarter compared to the same quarter of the previous year is mainly due to lower electricity sales by 439 MSAR due to lower volume sold and change in the sales mix, a combined increase of 1,243 MSAR in operation and maintenance costs and financing cost. These have been partially offset by an increase of 250 MSAR in the required revenue recognized during the current quarter compared to the same quarter of the previous year, higher net other income and expenses and lower provision for receivable from consumption of electricity and other receivables.The change in purchased power and fuel costs compared to the same period of the previous year, reflects the implementation of the Energy Conversion Agreements (ECAs), the Bulk Supply Agreement (BSA), and the transfer of Fuel Supply Agreements from the Saudi Electricity Company to the Saudi Energy Purchase Company (SPPC), as of 01-07-2022.Furthermore, as per the BSA, the Bulk Supply Tariff is lower during the winter season (from January to April and October to December) and it is higher during the summer season (from May to September), and this results in a variation in purchased power tariffs during the fiscal year. On the contrary, the tariff under which electricity is sold to consumers along with the ECA revenue has no significant seasonal variation. To account for the purchased power costs, SEC applies the Bulk Supply Average Tariff, thus to be matching with the revenue recognized. The Bulk Supply Average Tariff is calculated on an annual basis. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | The decrease in net income for the current quarter compared to the previous quarter is mainly due to the decrease in the company’s operating revenues as a result of lower volume sold reflecting seasonality of sales, this is in addition to the increase in financing costs. |
| Statement of the type of external auditor’s report | Unmodified conclusion |
| Reclassification of Comparison Items | Null |
| Additional Information | The net loss attributable to ordinary shares for the first quarter of 2023 (after deducting the dividends of the speculative instrument in the amount of 1,889 million Saudi riyals) amounted to 1,409 million Saudi riyals, compared to a net loss of 372 million Saudi riyals for the same period of the previous year. Accordingly, the basic and diluted loss per share amounted to 0.34 riyals for the current period, compared to a loss of 0.09 riyals for the same period of the previous year. |
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