Electrical Industries posts net profit of SAR 8.5 mln in 9M 2020

27/10/2020 Argaam Exclusive

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Electrical Industries Co. (EIC) reported net profit after Zakat and tax of SAR 8.5 million for the first nine months of 2020, against a net loss of SAR 7.4 million a year earlier. The company’s results were driven by an increase in sales revenue from SAR 393.5 million to SAR 397.2 million, diversified product portfolio, and lower Zakat as well as other expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	393.47	397.20	0.9 %
Gross Income	60.44	58.71	(2.9 %)
Operating Income	9.72	10.64	9.5 %
Net Income	(7.38)	(3.96)	46.4 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.66)	(0.35)	46.4 %

In Q3 2020, the company turned to a net profit after Zakat and tax of SAR 10.6 million, versus a net loss of SAR 1.50 million in Q3 2019, backed by higher sales revenue, lower Zakat charges as well as other expenses.

EIC also cited a drop in selling, general and administrative expenses from SAR 15 million to SAR 13.3 million during the same period.

On a sequential basis, EIC swung to profitability in Q3 2020, versus net losses of SAR 11.6 million in prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	132.80	148.07	11.5 %
Gross Income	22.03	24.81	12.6 %
Operating Income	7.01	10.69	52.6 %
Net Income	(1.50)	6.77	550.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.13)	0.60	550.8 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	109.64	148.07	35.0 %
Gross Income	8.92	24.81	178.1 %
Operating Income	(7.76)	10.69	237.9 %
Net Income	(11.58)	6.77	158.5 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(1.03)	0.60	158.5 %

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