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Saudi Electricity Q2 profit falls YOY

Saudi Electricity Co. said its second-quarter normalized net income came to 29 halalas per share, compared with the S&P Capital IQ consensus estimate of 30 halalas per share.

EPS fell 50.5% year over year from 59 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion riyals, a decline of 50.1% from 2.47 billion riyals in the prior-year period.

The normalized profit margin dropped to 10.3% from 23.6% in the year-earlier period.

Total revenue climbed 13.9% year over year to 11.91 billion riyals from 10.45 billion riyals, and total operating expenses increased 50.3% year over year to 10.04 billion riyals from 6.68 billion riyals.

Reported net income decreased 46.1% from the prior-year period to 1.97 billion riyals, or 47 halalas per share, from 3.66 billion riyals, or 88 halalas per share.

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