Electrical Industries turns to profit of SAR 15 mln in H1 2021

11/08/2021 Argaam Exclusive

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Electrical Industries Co. reported net profit after Zakat and tax of SAR 15 million in H1 2021, from a net loss of SAR 10.7 million in the prior-year period.

The profit was attributed to higher sales, diversification of sold products, including products with higher profitability, improvement of gross margin in certain products, in addition to lower financing charges.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	249.14	333.45	33.8 %
Gross Income	33.91	61.22	80.6 %
Operating Income	(0.05)	21.91	40668.5 %
Net Income	(10.73)	14.96	239.4 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(0.95)	1.33	239.4 %

The company reported a net profit after Zakat and tax of SAR 8 million for Q2 2021, from a net loss after Zakat and tax of SAR 11.6 million in the same quarter last year.

On a sequential basis, the company’s net profit grew 15% on lower selling and distribution expenses and lower expected credit loss allowance.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	109.64	165.62	51.1 %
Gross Income	8.92	29.81	234.2 %
Operating Income	(7.76)	10.46	234.8 %
Net Income	(11.58)	8.00	169.1 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	(1.03)	0.71	169.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	167.83	165.62	(1.3 %)
Gross Income	31.41	29.81	(5.1 %)
Operating Income	11.45	10.46	(8.7 %)
Net Income	6.96	8.00	14.9 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.62	0.71	14.9 %

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