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Saudi Electricity Q4 loss widens 39.9% YOY

Saudi Electricity Co. said its normalized net income for the fourth quarter came to a loss of 36 halalas per share, compared with a loss of 25 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.48 billion riyals, compared with a loss of 1.06 billion riyals in the prior-year period.

The normalized profit margin declined to negative 13.9% from negative 11.8% in the year-earlier period.

Total revenue rose 18.9% year over year to 10.65 billion riyals from 8.96 billion riyals, and total operating expenses grew 21.1% year over year to 12.94 billion riyals from 10.69 billion riyals.

Reported net income came to a loss of 2.35 billion riyals, or a loss of 56 halalas per share, compared with a loss of 1.41 billion riyals, or a loss of 34 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled 31 halalas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 57 halalas.

EPS rose from 19 halalas in the prior year.

Normalized net income was 1.30 billion riyals, a rise from 785.7 million riyals in the prior year.

Full-year total revenue rose year over year to 49.91 billion riyals from 41.54 billion riyals, and total operating expenses rose on an annual basis to 48.00 billion riyals from 39.95 billion riyals.

The company said reported net income increased on an annual basis to 2.10 billion riyals, or 51 halalas per share, in the full year, from 1.54 billion riyals, or 37 halalas per share.

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