Saudi Electricity trims Q1 loss by 29% to SAR 1.37 bln

21/04/2016 Argaam Exclusive

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Saudi Electricity Co. (SEC) has narrowed its net loss for the first quarter of 2016 by 29.1 percent year-on-year to SAR 1.37 billion, mainly due to higher operating revenue from higher tariffs and lower purchases from independent producers.

 

The utility provider also trimmed Q1 loss by 4.9 percent compared to the previous quarter due to higher power tariffs, improved operating efficiency and lower operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2015 Q1 2016 Change‬
Revenues 7,485.98 8,894.70 18.8 %
Gross Income (1246.39) (342.01) 72.6 %
Operating Income (1401.59) (561.40) 59.9 %
Net Income (1939.69) (798.31) 58.8 %
Average Shares 4,166.59 4,166.59 -
EPS (Riyals) (0.47) (0.19) 58.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2007 3,664.21 7.0 % 978.71 0.6 % (434.03) 0.5 % (0.10)
Q2 2007 5,735.16 7.2 % 2,437.54 8.8 % 784.97 7.8 % 0.19
Q3 2007 6,968.36 9.0 % 3,390.36 8.9 % 1,704.29 5.6 % 0.41
Q4 2007 4,471.34 (1.5 %) 963.47 (10.5 %) (642.73) (30.7 %) (0.15)
Q1 2008 3,932.93 7.3 % 854.51 (12.7 %) (771.00) (77.6 %) (0.19)
Q2 2008 6,025.60 5.1 % 2,340.97 (4.0 %) 780.97 (0.5 %) 0.19
Q3 2008 7,209.25 3.5 % 3,240.29 (4.4 %) 1,500.48 (12.0 %) 0.36
Q4 2008 5,120.97 14.5 % 1,289.80 33.9 % (406.00) 36.8 % (0.10)
Q1 2009 4,083.91 3.8 % (829.14) (197.0 %) (771.03) (0.0 %) (0.19)
Q2 2009 6,394.52 6.1 % 690.03 (70.5 %) 714.61 (8.5 %) 0.17
Q3 2009 7,882.00 9.3 % 1,997.27 (38.4 %) 1,730.68 15.3 % 0.42
Q4 2009 5,490.52 7.2 % (417.57) (132.4 %) (531.61) (30.9 %) (0.13)
Q1 2010 4,566.27 11.8 % (730.39) 11.9 % (782.22) (1.5 %) (0.19)
Q2 2010 7,368.79 15.2 % 1,127.67 63.4 % 1,068.45 49.5 % 0.26
Q3 2010 9,444.84 19.8 % 2,413.73 20.9 % 2,316.63 33.9 % 0.56
Q4 2010 6,531.09 19.0 % (218.35) 47.7 % (323.78) 39.1 % (0.08)
Q1 2011 5,310.46 16.3 % (680.93) 6.8 % (773.69) 1.1 % (0.19)
Q2 2011 8,347.71 13.3 % 1,455.61 29.1 % 1,334.78 24.9 % 0.32
Q3 2011 9,944.76 5.3 % 2,387.02 (1.1 %) 2,174.54 (6.1 %) 0.52
Q4 2011 6,966.67 6.7 % (460.21) (110.8 %) (522.48) (61.4 %) (0.13)
Q1 2012 5,940.77 11.9 % (366.16) 46.2 % (583.35) 24.6 % (0.14)
Q2 2012 9,064.93 8.6 % 1,400.84 (3.8 %) 1,360.33 1.9 % 0.33
Q3 2012 10,890.00 9.5 % 3,038.32 27.3 % 2,875.39 32.2 % 0.69
Q4 2012 7,750.56 11.3 % (464.76) (1.0 %) (1091.30) (108.9 %) (0.26)
Q1 2013 6,423.27 8.1 % (576.52) (57.5 %) (657.36) (12.7 %) (0.16)
Q2 2013 9,307.42 2.7 % 799.56 (42.9 %) 1,502.27 10.4 % 0.36
Q3 2013 11,804.47 8.4 % 2,914.36 (4.1 %) 2,852.83 (0.8 %) 0.68
Q4 2013 8,136.98 5.0 % (495.98) (6.7 %) (661.88) 39.3 % (0.16)
Q1 2014 7,069.18 10.1 % (864.11) (49.9 %) (913.35) (38.9 %) (0.22)
Q2 2014 10,489.73 12.7 % 1,341.82 67.8 % 3,657.81 143.5 % 0.88
Q3 2014 12,472.87 5.7 % 2,813.69 (3.5 %) 2,668.33 (6.5 %) 0.64
Q4 2014 8,458.89 4.0 % (1255.35) (153.1 %) (1801.80) (172.2 %) (0.43)
Q1 2015 7,485.98 5.9 % (1246.39) (44.2 %) (1939.69) (112.4 %) (0.47)
Q2 2015 11,917.40 13.6 % 2,122.48 58.2 % 1,970.64 (46.1 %) 0.47
Q3 2015 13,176.21 5.6 % 3,023.16 7.4 % 2,921.06 9.5 % 0.70
Q4 2015 8,985.19 6.2 % (1344.46) (7.1 %) (1444.55) 19.8 % (0.35)
Q1 2016 8,894.70 18.8 % (342.01) 72.6 % (798.31) 58.8 % (0.19)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 37.14 % 36.17 % 7.10 %
Q2 2007 37.41 % 36.19 % 7.24 %
Q3 2007 37.71 % 36.40 % 7.48 %
Q4 2007 37.29 % 35.92 % 6.78 %
Q1 2008 36.22 % 34.76 % 5.10 %
Q2 2008 35.28 % 34.07 % 5.01 %
Q3 2008 34.19 % 33.23 % 4.01 %
Q4 2008 34.66 % 33.69 % 4.96 %
Q1 2009 26.93 % 33.79 % 4.92 %
Q2 2009 19.25 % 34.11 % 4.55 %
Q3 2009 13.41 % 34.41 % 5.40 %
Q4 2009 6.04 % 34.91 % 4.79 %
Q1 2010 6.33 % 34.96 % 4.65 %
Q2 2010 7.81 % 35.61 % 5.87 %
Q3 2010 8.91 % 37.64 % 7.71 %
Q4 2010 9.29 % 36.65 % 8.17 %
Q1 2011 9.22 % 36.95 % 7.98 %
Q2 2011 10.02 % 38.06 % 8.62 %
Q3 2011 9.77 % 37.76 % 8.00 %
Q4 2011 8.84 % 38.83 % 7.65 %
Q1 2012 9.67 % 40.17 % 8.27 %
Q2 2012 9.28 % 40.05 % 8.25 %
Q3 2012 10.99 % 41.40 % 10.21 %
Q4 2012 10.72 % 40.82 % 9.50 %
Q1 2013 9.96 % 40.18 % 9.00 %
Q2 2013 8.14 % 38.70 % 7.14 %
Q3 2013 7.57 % 38.21 % 6.83 %
Q4 2013 7.40 % 38.44 % 6.47 %
Q1 2014 6.48 % 37.80 % 5.65 %
Q2 2014 7.72 % 39.12 % 6.92 %
Q3 2014 7.32 % 39.38 % 6.32 %
Q4 2014 5.29 % 38.10 % 3.94 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 4,166.59 0.34 0.34 11.21
Q2 2007 4,166.59 0.35 0.35 11.26
Q3 2007 4,166.59 0.38 0.38 11.67
Q4 2007 4,166.59 0.34 0.34 11.52
Q1 2008 4,166.59 0.26 0.26 11.37
Q2 2008 4,166.59 0.26 0.26 11.42
Q3 2008 4,166.59 0.21 0.21 11.78
Q4 2008 4,166.59 0.27 0.27 11.65
Q1 2009 4,166.59 0.27 0.27 11.47
Q2 2009 4,166.59 0.25 0.25 11.51
Q3 2009 4,166.59 0.30 0.30 11.92
Q4 2009 4,166.59 0.27 0.27 11.74
Q1 2010 4,166.59 0.27 0.27 11.43
Q2 2010 4,166.59 0.36 0.36 11.58
Q3 2010 4,166.59 0.50 0.50 12.14
Q4 2010 4,166.59 0.55 0.55 12.06
Q1 2011 4,166.59 0.55 0.55 11.88
Q2 2011 4,166.59 0.61 0.61 12.05
Q3 2011 4,166.59 0.58 0.58 12.55
Q4 2011 4,166.59 0.53 0.56 12.45
Q1 2012 4,166.59 0.58 0.62 12.30
Q2 2012 4,166.59 0.58 0.63 12.54
Q3 2012 4,166.59 0.75 0.81 13.20
Q4 2012 4,166.59 0.61 0.77 12.83
Q1 2013 4,166.59 0.60 0.74 12.67
Q2 2013 4,166.59 0.63 0.59 12.91
Q3 2013 4,166.59 0.63 0.58 13.60
Q4 2013 4,166.59 0.73 0.55 13.51
Q1 2014 4,166.59 0.67 0.49 13.32
Q2 2014 4,166.59 1.18 0.62 14.08
Q3 2014 4,166.59 1.14 0.58 14.72
Q4 2014 4,166.59 0.87 0.36 14.22
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 36.05 36.05 1.09
Q2 2007 32.54 32.54 1.02
Q3 2007 30.65 30.65 0.99
Q4 2007 8.16 8.16 1.28
Q1 2008 53.27 53.27 1.21
Q2 2008 47.63 47.63 1.07
Q3 2008 50.18 50.18 0.89
Q4 2008 6.55 6.55 0.79
Q1 2009 37.73 37.73 0.87
Q2 2009 38.33 38.33 0.83
Q3 2009 33.35 33.35 0.85
Q4 2009 7.69 7.69 0.96
Q1 2010 46.22 46.22 1.10
Q2 2010 35.63 35.63 1.10
Q3 2010 29.37 29.37 1.20
Q4 2010 4.82 4.82 1.16
Q1 2011 25.23 25.23 1.17
Q2 2011 22.43 22.43 1.14
Q3 2011 22.98 22.98 1.06
Q4 2011 4.91 4.65 1.12
Q1 2012 27.74 25.84 1.30
Q2 2012 22.13 20.42 1.03
Q3 2012 17.44 16.27 0.99
Q4 2012 4.09 3.28 1.04
Q1 2013 23.71 19.20 1.12
Q2 2013 20.44 21.89 1.00
Q3 2013 21.26 22.98 0.98
Q4 2013 3.75 4.93 1.08
Q1 2014 23.61 32.00 1.18
Q2 2014 13.30 25.27 1.12
Q3 2014 15.13 29.80 1.17
Q4 2014 3.22 7.68 1.05
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

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)

Analysts Estimates (Million)

Item Q1 2016 (e) Q1 2016 (a) Change‬
Average (1367.00) (798.31) 41.60 %

Estimates vs Actual (Million)

Item Q1 2016 (e) Q1 2016 (a) Change
SNB Capital (1280.00) (798.31) 37.6 %
SFC (1454.00) (798.31) 45.1 %


Financial Ratios
Current
Market Cap (M Riyal) 69,165.39
Enterprise Value (EV) (M) 180,942.90
Shares Outstanding ((M)) 4,166.59
EPS ( Riyal) (TTM) 0.65
Book Value (BV) ( Riyal) 21.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.47
P/E (TTM) 25.54
Price/book 0.77
Return on Average Assets (%) (TTM) 0.5
Return on Average Equity (%) (TTM) 3.0
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Share Price

Saudi Electricity Co.
16.60
(0.28) (1.66 %)

Saudi Electricity Co. (SAUDI ELECTRICITY)

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