Electrical Industries 2021 profit rises to SAR 48.9 mln; Q4 down 15% to SAR 23.8 mln

17/03/2022 Argaam Exclusive

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Electrical Industries Co. reported a net profit after Zakat and tax of SAR 48.9 million for 2021, an increase of 104% year-on-year (YoY), from a profit of SAR 23.9 million in the year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	648.69	770.69	18.8 %
Gross Income	111.50	149.55	34.1 %
Operating Income	44.28	66.83	50.9 %
Net Income	23.92	48.85	104.2 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.13	4.34	104.2 %

The profit increase was attributed to higher sales and the diversification in the sold products, including products with higher profitability and better gross margins.

The increase was offset by higher selling and distribution expenses, as well as general and administration costs.

In Q4 2021, the company reported a net profit after Zakat and tax of SAR 23.8 million, a 15% decline, from a profit of SAR 27.9 million a year earlier.

Sequentially, Electrical Industries’ net profit rose by 134% from SAR 10.14 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	251.48	229.61	(8.7 %)
Gross Income	52.79	46.43	(12.0 %)
Operating Income	33.65	30.50	(9.4 %)
Net Income	27.88	23.75	(14.8 %)
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.48	2.11	(14.8 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	207.63	229.61	10.6 %
Gross Income	41.90	46.43	10.8 %
Operating Income	14.42	30.50	111.5 %
Net Income	10.14	23.75	134.3 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.90	2.11	134.3 %

Total shareholders’ equity, after minority interest, grew by 3.9% to SAR 587.8 million as of Dec. 31, 2021, from SAR 565.5 million a year earlier.

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