Electrical Industries turns to profit of SAR 23.9 mln in 2020

16/03/2021 Argaam Exclusive

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Electrical Industries Co. 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.

The company attributed the turn to net profit to higher sales and the diversification of sold products which includes products with higher profitability, in addition to improvement of gross margin of certain products.

Meanwhile, selling and distribution expenses and financial costs decreased during 2020.

Financials (M)

Item	2019	2020	Change‬
Revenues	577.56	648.69	12.3 %
Gross Income	72.41	111.50	54.0 %
Operating Income	3.13	44.28	1316.6 %
Net Income	(40.19)	23.92	159.5 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(3.57)	2.13	159.5 %

The company turned to a net profit after Zakat and tax of SAR 28 million in Q4 2020 from a net loss after Zakat and tax of SAR 32.8 million in Q4 2019.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	184.08	251.48	36.6 %
Gross Income	11.97	52.79	341.1 %
Operating Income	(6.59)	33.65	610.5 %
Net Income	(32.81)	27.88	185.0 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(2.92)	2.48	185.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	148.07	251.48	69.8 %
Gross Income	24.81	52.79	112.8 %
Operating Income	10.69	33.65	214.7 %
Net Income	6.77	27.88	311.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.60	2.48	311.8 %

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