Electrical Industries’ net profit rises to SAR 201M in 2023; Q4 up 49% to SAR 59.5M

Electrical Industries Co.’s net profit leapt to SAR 201 million in 2023, compared to SAR 94.2 million a year ago.

The profit hike came as sales grew year-on-year (YoY) to SAR 1.55 billion in 2023 amid increased demand across all sectors in the Kingdom. This rise in sales was particularly evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects including the oil & gas sector.

Electrical Industries net profit for 2023 also surged due to the diversification of products sold, some of which had the highest profit margins, along with improved profit margins for some other products.

This came despite higher selling & distribution and general & administrative expenses amid soaring sales in 2023. Financing costs also grew YoY during the same year, paired with an increase in the provision for expected credit losses of SAR 7.5 million.

Additionally, the company witnessed an uptick in Zakat and income tax expenses, including an additional allocation of SAR 4 million for the previous years.

In Q4 2023, Electrical Industries’ bottom line reached SAR 59.5 million, up 49% from SAR 39.85 million in the prior-year period.

Sequentially, net income advanced from SAR 56.43 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 744.8 million as of Dec. 31, 2023, increasing from SAR 630.8 million in the year before.

View More Financial Results