Saudi Electricity Company announces its interim consolidated condensed financial results for the period ended on 30-09-2024 (Nine Months)

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	28,316	23,799	18.979	22,379	26.529
Gross Profit (Loss)	8,757	7,744	13.081	5,167	69.479
Operational Profit (Loss)	8,284	7,185	15.295	5,589	48.219
Net profit (Loss)	6,898	5,844	18.035	4,345	58.757
Total Comprehensive Income	5,905	6,133	-3.717	4,386	34.632
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	66,553	56,896	16.973
Gross Profit (Loss)	16,065	15,558	3.258
Operational Profit (Loss)	15,892	14,743	7.793
Net profit (Loss)	12,140	10,341	17.396
Total Comprehensive Income	11,492	10,586	8.558
Total Shareholders Equity (after Deducting Minority Equity)	260,645	260,921	-0.105
Profit (Loss) per Share	1.33	1.11
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	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current quarter, due to an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base 2) Increase in electricity production revenue and continued growth in subscriber base. 3) new 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 quarter compared to the same quarter of the last year is	The increase in net profit for the current quarter compared to the corresponding quarter of the previous year is mainly due to 1) the increase in required revenue recognized during the current quarter, due to an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), 2) higher electric power generation revenue and continued growth in subscribers’ base, 3) new revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 4) The same quarter of the previous year was affected by the recording of non-recurring expenses that led to a decrease in net income and other expenses.

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is

The increase in operating revenues during the current quarter compared to the corresponding quarter of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current quarter, due to an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base 2) Increase in electricity production revenue and continued growth in subscriber base. 3) new 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 quarter compared to the same quarter of the last year is

The increase in net profit for the current quarter compared to the corresponding quarter of the previous year is mainly due to 1) the increase in required revenue recognized during the current quarter, due to an increase in the regulated weighted average cost of capital (Regulatory WACC) and a growing regulated asset base (RAB), 2) higher electric power generation revenue and continued growth in subscribers’ base, 3) new revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 4) The same quarter of the previous year was affected by the recording of non-recurring expenses that led to a decrease in net income and other expenses.

The aforementioned items have been partially offset by 1) higher operating costs due to growing business and operating assets and higher loads, 2) increase provision for receivables electricity subscribers.The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The increase in revenues for the current quarter compared to the previous quarter is mainly due to the increase in revenues of electric power production, continued growth in subscriber base, increase in the required revenue recognized during the current quarter.The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The increase in net profit for the current quarter compared to the previous quarter is mainly due to increase in operating revenues.The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is The increase in operating revenues during the current period compared to the corresponding period of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current quarter, 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 and continued growth in subscribers’ base, 3) new 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 period compared to the same period of the last year is The increase in net income during the current period compared to the corresponding period of the previous year, is mainly attributed to 1) the increase in required revenue recognized during the current period, driven by an increased Regulatory WACC and a growing regulated asset base, 2) coupled with higher electric power generation revenue and continued growth in subscribers’ base 3) a decline in finance costs, 4) new revenue from development projects to construct substations and transmission lines on behalf of SEC’s customers. 5) an increase in other revenues as a result of a one-off settlement with a supplier. 6) The same quarter of the previous year was affected by the recording of non-recurring expenses that led to a decrease in net income and other expenses.

The aforementioned items have been partially offset by 1) higher operating costs due to growing business and increased operating assets and higher loads, 2) increase provision for receivables electricity subscribers.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NoneReclassification of Comparison Items NoneAdditional Information Net profit attributable to common shares for the nine months ended 30 September 2024 (after deducting profit attributable to Mudaraba Instrument of SAR 6,582 million) amounted to SAR 5,558 million compared to a net profit of SAR 4,610 million for the same period last year. Accordingly, basic and diluted earnings per share for the nine months ended 30 September 2024 arrived at SAR 1.33 compared to SAR 1.11 for the same period last year.

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