Electrical Industries’ net profit soars 93% to SAR 94.2 mln in 2022, Q4 at SAR 39.9 mln

28/03/2023 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 94.2 million in 2022, a 93% surge from SAR 48.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	770.69	1,066.09	38.3 %
Gross Income	149.55	237.62	58.9 %
Operating Income	66.83	133.71	100.1 %
Net Income	48.85	94.17	92.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	4.34	8.37	92.8 %

This was fueled by an increase in sales year-on-year (YoY) to SAR 1.06 billion, in addition to the diversification of the sold products.

However, the profit increase was offset by higher selling and distribution expenses, an increase in general and administrative expenses and a rise in the cost of finance.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	229.61	364.90	58.9 %
Gross Income	46.43	89.96	93.7 %
Operating Income	30.50	61.13	100.4 %
Net Income	23.75	39.85	67.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.11	3.54	67.8 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	245.25	364.90	48.8 %
Gross Income	56.15	89.96	60.2 %
Operating Income	30.82	61.13	98.3 %
Net Income	23.60	39.85	68.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.10	3.54	68.8 %

Q4 2022 net earnings increased 68% to SAR 39.9 million, from SAR 23.7 million in Q4 2021.

On a quarterly basis, net profit jumped by 68.9% from SAR 23.6 million in Q3 2022.

Total shareholders’ equity, no minority interest, stood at SAR 630.8 million by Dec. 31, 2022, compared to SAR 587.8 million in a year-earlier period.

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