| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 18,936 | 16,668 | 13.606 | 13,348 | 41.863 |
| Gross Profit (Loss) | 6,813 | 789 | 763.498 | 2,928 | 132.684 |
| Operational Profit (Loss) | 6,462 | 350 | 1,746.285 | 2,260 | 185.929 |
| Net Profit (Loss) after Zakat and Tax | 5,828 | -869 | - | 1,689 | 245.056 |
| Total Comprehensive Income | 5,877 | -1,017 | - | 1,931 | 204.35 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 32,284 | 28,066 | 15.028 |
| Gross Profit (Loss) | 9,741 | -403 | - |
| Operational Profit (Loss) | 8,722 | -921 | - |
| Net Profit (Loss) after Zakat and Tax | 7,517 | -3,310 | - |
| Total Comprehensive Income | 7,808 | -3,905 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 248,800 | 68,916 | 261.019 |
| Profit (Loss) per Share | 0.89 | -0.79 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | 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, this as opposed to the same prior year quarter included a government fee costs of SAR 4.5 billion 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 growth in electricity sales by 9%. |
| 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 increase in net profit in the current quarter compared to the previous quarter of the current year is mainly due to sales seasonality . |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Achieving a net profit in the current period compared to a net loss in the same prior period 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, this as opposed to the same prior year period included a government fee costs of SAR 6.9 billion 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 period 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 growth in electricity sales by 11% . |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the presentation in the current periods. |
| Additional Information | Net profit attributable to common shares for the six months ended 30 June 2021 (after deducting profit attributable to Mudaraba Instrument of SAR 3,799 million) amounted to 3,718 million compared to a net loss of SAR 3,310 million for the same prior year period, accordingly basic and diluted earnings per share the six months ended 30 June 2021 arrived at SAR 0.89 compared to a loss of SAR 0.79 for the same prior year period. |
The company points out that improved profitability improves its financial ability to inject the required priority investments to boost reliability and efficiency in the electricity system, including enhancing the power transmission grid reliability, so as to raise the generation efficiency, and enable the production of electricity from the renewable energy sources. This is with the objective of achieving the target energy mix for electricity production. Furthermore, the aims include enhancing and automating the distribution grid. All these contribute to achieving the aspired goals in raising the quality and reliability of the electrical service provided to the end consumer.
The Company will organize a conference call to discuss financial results of the six months ended 30 June 2021 with investors and financial analysts on Wednesday 11/08/2021 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 .
The Capital Market Authority and Saudi 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.