Electrical Industries incurs SAR 40.2 mln net loss in FY 2019

19/03/2020 Argaam Exclusive

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Electrical Industries Co. (EIC) reported a net loss after Zakat and tax of SAR 40.2 million for the fiscal year 2019, from a net profit of SAR 7.1 million a year earlier, it said in a bourse filing on Thursday.

Financials (M)

Item	2018	2019	Change‬
Revenues	705.89	577.56	(18.2 %)
Gross Income	102.47	72.41	(29.3 %)
Operating Income	29.78	3.13	(89.5 %)
Net Income	7.11	(40.19)	(665.1 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.63	(3.57)	(665.1 %)

The loss is attributed to an 18% decrease in sales, SAR 21.7 million in inventory write-off losses, in addition to increase in financial expenses.

The company’s net loss widened to SAR 32.81 million in Q4 2019 from SAR 10.15 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	190.41	184.08	(3.3 %)
Gross Income	13.80	11.97	(13.3 %)
Operating Income	0.01	(6.59)	(73333.3 %)
Net Income	(10.14)	(32.81)	(223.4 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.90)	(2.92)	(223.4 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	132.80	184.08	38.6 %
Gross Income	22.03	11.97	(45.7 %)
Operating Income	7.01	(6.59)	(194.1 %)
Net Income	(1.50)	(32.81)	(2,084.3 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.13)	(2.92)	(2,084.3 %)

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