Electrical Industries widens loss to SAR 10.7 mln in H1 2020

20/08/2020 Argaam Exclusive

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Electrical Industries Co. (EIC) widened net loss after Zakat and tax by 82.4% year-on-year (YoY) to SAR 10.7 million for the six month ending June 1, 2020, driven by lower sales revenue.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	260.68	249.14	(4.4 %)
Gross Income	38.41	33.91	(11.7 %)
Operating Income	2.71	(0.05)	(102.0 %)
Net Income	(5.88)	(10.73)	(82.4 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.52)	(0.95)	(82.4 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	154.50	109.64	(29.0 %)
Gross Income	19.44	8.92	(54.1 %)
Operating Income	1.15	(7.76)	(773.8 %)
Net Income	(1.72)	(11.58)	(572.6 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.15)	(1.03)	(572.6 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	139.50	109.64	(21.4 %)
Gross Income	24.99	8.92	(64.3 %)
Operating Income	7.70	(7.76)	(200.7 %)
Net Income	0.85	(11.58)	(1465.0 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.08	(1.03)	(1465.0 %)

EIC widened Q2 2020 net loss after Zakat and tax by more than six-fold YoY to SAR 11.6 million, due to lower sales on the lockdown measures in the Kingdom.

On a quarter-on-quarter basis, EIC turned to loss, versus net profit of SAR 848,000 in Q1 2020.

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