Saudi Electricity Company announces its audited annual consolidated financial results for the fiscal year ended 31-12-2024
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 88,666 | 75,330 | 17.7 | ||
| Gross Profit (Loss) | 17,486 | 15,521 | 12.66 | ||
| Operational Profit (Loss) | 11,770 | 14,166 | -16.91 | ||
| Net profit (Loss) | 6,867 | 10,249 | -33 | ||
| Total Comprehensive Income | 6,638 | 9,845 | -32.57 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 251,372 | 256,318 | -1.93 | ||
| Profit (Loss) per Share | -0.46 | 0.62 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The increase in operating revenues during the current year compared to the previous year, is mainly due to 1) an increase in required revenue recognized during the current year, driven by an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), 2) coupled with increased demand for electric power, Increase in electricity production revenue by SEC and continued growth in subscribers’ base, 3) an increase in revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers . |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net profit for the current year compared to the previous year is mainly due to the recognition of non-recurring expenses based on the decision of the Ministerial Committee for the restructuring of the Electricity Sector and the SEC (the Ministerial Committee) to approve a final settlement of historically disputed amounts related to technical differences in fuel quantities and prices, handling costs, and electrical energy.
Excluding non-recurring items in comparative periods, Normalized net profit in 2024 amounted to SAR 12,081 million compared to SAR 11,094 in 2023, representing a year on year increase of 8.9%
This increase is mainly attributable to 1) higher required revenue recognized during 2024, due to an increase in Regulatory WACC and a growing RAB, 2) higher electric power generation revenue and continued growth in SEC customer base, 3) growing revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 4) optimized operations and maintenance costs reflecting continued operational efficiencies improvements 5) higher net income and other expenses, higher reversals of provision for receivables of electricity subscribers driven by improved collections, lower zakat provisions and higher profits from equity accounted investees attributable to SEC’s share in IPP projects.
The aforementioned items have been partially offset by higher net financing charges in the income statement reflecting increased financing raised in 2024 to fund SEC expanding capital expenditures and enhance its business growth. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The net loss attributable to common shares for the current year 2024 (after deducting profit attributable to Mudaraba Instrument of SAR 8,792 million) amounted to SAR (1,925) million, compared to a net profit of SAR 2,588 million for the previous year. Accordingly, the basic and diluted loss per share for the period ended December 31, 2024, amounted to SAR (0.46) per share, compared to a profit of SAR 0.62 per share for of the previous year.
SEC will organize a conference call to discuss financial results for the fiscal year 2024 with investors and financial analysts on Thursday 06-03-2025 at 3:30 PM (KSA Time). Investors wishing to participate in this conference call are requested to contact the Company's Investor Relations Department at: IR@se.com.sa |
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