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Saudi Electricity profit misses consensus by 33.7% in Q3

Saudi Electricity Co. said its normalized net income for the third quarter amounted to 44 halalas per share, compared with the S&P Capital IQ consensus estimate of 66 halalas per share.

EPS rose 9.4% year over year from 40 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.83 billion riyals, an increase of 9.5% from 1.67 billion riyals in the prior-year period.

The normalized profit margin increased to 13.9% from 13.4% in the year-earlier period.

Total revenue rose 5.6% year over year to 13.13 billion riyals from 12.44 billion riyals, and total operating expenses rose from the prior-year period to 10.28 billion riyals from 9.85 billion riyals.

Reported net income rose 9.5% year over year to 2.92 billion riyals, or 70 halalas per share, from 2.67 billion riyals, or 64 halalas per share.

As of Oct. 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.