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Saudi Electricity Co. announces its Interim consolidated Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 20,51720,831-1.50716,66823.092
Gross Profit (Loss) 3,1513,760-16.196739326.387
Operational Profit (Loss) 3,3683,854-12.61350862.285
Net Profit (Loss) after Zakat and Tax 2,2012,679-17.842-869-
Total Comprehensive Income 2,2482,613-13.968-1,017-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 48,58348,746-0.334
Gross Profit (Loss) 2,7114,944-45.165
Operational Profit (Loss) 2,4475,192-52.869
Net Profit (Loss) after Zakat and Tax -1,1091,979-
Total Comprehensive Income -1,6571,574-
Total Share Holders Equity (after Deducting Minority Equity) 71,16474,502-4.48
Profit (Loss) per Share -0.270.47
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The decrease in net profit during the current quarter compared to the same prior year quarter is mainly attributable to higher purchased power costs and provisions, this has been partially offset by the decrease in fuel costs and general and administrative expenses.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in net profit during the current quarter compared to previous the quarter of the current year is mainly attributable to higher operating revenues due to sales seasonality, this in addition to lower general and administrative expenses.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Reported net losses in the current period compared to a profit in the same prior year period is mainly driven by non-recurring items: first) recording of a settlement of fuel dues differences to Saudi Armco relates to the supply of light fuel oil rather than heavy fuel oil to one of the Company’s power plants, second) a change in the sales mix towards higher residential and lower commercial and governmental consumption during corona virus “Covid-19” pandemic lockdown period. This in addition to higher purchased power costs, higher finance charges and higher provisions.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Null

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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