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Saudi Electricity Co. announces its Interim consolidated Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 16,66816,5200.89511,39846.236
Gross Profit (Loss) 7391,821-59.417-1,179-
Operational Profit (Loss) 3501,933-81.893-1,272-
Net Profit (Loss) after Zakat and Tax -869789--2,441-64.399
Total Comprehensive Income -1,017587--2,888-64.785
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 28,06627,9160.537
Gross Profit (Loss) -4401,184-
Operational Profit (Loss) -9211,338-
Net Profit (Loss) after Zakat and Tax -3,310-700372.857
Total Comprehensive Income -3,905-1,039275.842
Total Share Holders Equity (after Deducting Minority Equity) 68,91671,889-4.135
Profit (Loss) per Share -0.79-0.17
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 Net losses in the current quarter compared with a profit in the same prior year quarter is mainly attributable to non-recurring items: first) recording of a settlement of fuel dues differences to Saudi Armco of SAR 597 mn 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, governmental and industrial consumption during corona virus “Covid-19” pandemic lockdown period, which led to an increase of SAR 477 mn in the government fee costs. This in addition to higher purchased power costs and higher finance charges
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The decrease in net losses during the current quarter compared with the previous quarter of the current year is mainly attributable to sales seasonality, this is despite that the current quarter was impacted due to recording of a settlement expense of fuel dues differences to Saudi Armco as aforementioned above, and the change in the sales mix towards higher residential consumption and lower commercial, governmental and industrial consumption during corona virus “Covid-19” pandemic lockdown period, which led to rise in the government fee costs This in addition to higher finance charges.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The increase in net losses during the current period compared to the same prior year period is mainly attributable to non-recurring items: first) recording of a settlement of fuel dues differences to Saudi Armco of SAR 837 mn 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, governmental and industrial consumption during corona virus “Covid-19” pandemic lockdown period.

This in addition to higher purchased power costs and higher finance charges.

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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