| 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 change in net income and achieving a net profit in the current quarter compared to a net loss in the same prior year quarter is mainly attributable to implementing the regulatory and financial reforms approved for the electricity sector in November 2020, as per which : 1) the government fee was cancelled as of January 1, 2021, 2) adopting a Regulatory Asset Based (RAB) Model to regulate the company’s revenue, effective from the fiscal year 2021, and accordingly the balancing account estimated amount is being disbursed to the company on a quarterly basis. This has reflected on higher other operating revenue in the current quarter and 3) lower financing costs due to lower overall debt levels following the conversion of the government loans as part of the Mudaraba Instrument signed in November 2020. These are in addition to higher operating revenues attributed to higher electric power volume sold. The aforementioned items were partly offset by higher accounts receivable provisions reflecting higher revenue base retained by the company in the current quarter after the government fee cancellation. |
| 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 reason for the decrease in net profit during the current quarter compared to the previous quarter is mainly attributable to: 1) recording the balance account amount for full-year 2020 of SAR 6,131 million as other operating revenues during the previous quarter 2) lower electricity sales in the current quarter compared to the previous quarter due to consumption seasonality. The aforementioned items were partly offset by the government fees cancellation and lower financing costs, fuel, purchased power, general and administrative expenses and others in the current quarter |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Null |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation in the current period. |
| Additional Information | Net loss attributable to common shares for the three months ended 31 March 2021 (after deducting profit attributable to Mudaraba Instrument of SAR 1,889 million) amounted to SAR 200 million compared to a net loss of SAR 2,441 million for the same prior year period, accordingly the current period basic and diluted loss per share arrived at SAR 0.05 compared to a loss of SAR 0.59 for the same prior year period, representing a decrease of 92%. |