Electrical Industries reports SAR 104 mln export sales in 2020, housing projects to drive performance: CEO

Tariq Al-Tahini, CEO of Electrical Industries Co.

Electrical Industries Co. (EIC) recorded export sales of SAR 104 million in 2020, compared to SAR 46 million a year earlier, CEO Tariq Al-Tahini told Argaam in an exclusive.

The higher net profit in Q4 2020 was due to increased sales in several segments and products, he added, noting that the sales of exports and public utilities were the highest.

The company is working with major clients on Q1 2021 orders, which mainly depend on client readiness in projects under construction for receiving orders.

Elsewhere, Al-Tahini added that talks are ongoing with the legal liquidator in Belgium for an agreement to buy the assets of CG Power Belgium, and are expected to be finalized soon.

“We hope this acquisition will help support and diversify our product portfolio and markets, and transfer the technical know-how to the Kingdom,” the CEO added.

Moreover, the Kingdom’s expansionary housing projects are forecast to positively reflect on demand for certain company products, which fall under the public utilities or other contractors’ segments. A continuous improvement in the housing projects will boost the company’s performance and financial results.

“Electrical Industries has developed plans to achieve the best results. The market is currently affected by various unpredictable factors, mainly the COVID-19 pandemic, which hurts demand locally and regionally,” he concluded.

EIC reported a net profit after Zakat and tax of SAR 23.9 million for 2020, from a net loss after Zakat and tax of SAR 40.2 million in 2019, Argaam reported.