Electrical Industries profit leaps to SAR 85.1 mln in H1 2023; Q2 at SAR 50 mln

08/08/2023 Argaam Exclusive

Electrical Industries Co. reported a net profit of SAR 85.1 million in H1 2023, compared to a net profit of SAR 30.7 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 455.94 754.85 65.6 %
Gross Income 91.52 172.98 89.0 %
Operating Income 41.76 111.88 167.9 %
Net Income 30.71 85.14 177.2 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 2.73 7.57 177.2 %

This was fueled by an increase in sales year-on-year (YoY) to SAR 754.8 million, in addition to the diversification of the sold products.

 

However, the profit increase was offset by higher selling and distribution expenses, an increase in general and administrative expenses and a rise in the cost of finance.

 

In Q2 2023, the company’s net profit jumped to SAR 50 million from SAR 18.5 million in the prior year-period.

 

Sequentially, the Saudi-listed firm’s profit rose from SAR 35.1 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 226.86 374.68 65.2 %
Gross Income 51.64 94.16 82.3 %
Operating Income 24.35 63.85 162.2 %
Net Income 18.54 50.00 169.7 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 1.65 4.44 169.7 %

Shareholders' equity (no minority interest) amounted to SAR 715.90 million at the end of H1 2023, compared to SAR 572.79 million at the end of H1 2022.

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Share Price

Electrical Industries Co.
7.24
(0.05) (0.69 %)

Electrical Industries Co. (EIC)

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Financial Ratios
Current
Market Cap (M Riyal) 8,145.00
Enterprise Value (EV) (M) 8,362.36
Shares Outstanding ((M)) 1,125.00
EPS (Halala) (TTM) 31.70
Book Value (BV) ( Riyal) 0.75
Par Value ( Halala) 50.00
Adjusted P/E (Last12) 21.06
P/E (TTM) 22.84
Price/book 9.64
Return on Average Assets (%) (TTM) 17.7
Return on Average Equity (%) (TTM) 46.6
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