Electrical Industries’ H1 2022 profit rises to SAR 30.7 mln; Q2 at SAR 18.5 mln

23/08/2022 Argaam Exclusive

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Electrical Industries Co.’s net profit after Zakat and tax doubled to SAR 30.7 million in the first six months of 2022, from SAR 15 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	333.45	455.94	36.7 %
Gross Income	61.22	91.52	49.5 %
Operating Income	21.91	41.76	90.6 %
Net Income	14.96	30.71	105.4 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.33	2.73	105.4 %

The earnings increase was primarily due to the rise in sales to SAR 455.9 million in H1 2022 from SAR 333.5 million in the previous year.

In addition, the company’s profit was driven by diversification of sold products, including products with higher profitability and improvement of gross margin in certain products. However, it was offset by higher selling and distribution expenses and increased financing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	165.62	226.86	37.0 %
Gross Income	29.81	51.64	73.2 %
Operating Income	10.46	24.35	132.8 %
Net Income	8.00	18.54	131.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.71	1.65	131.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	229.08	226.86	(1.0 %)
Gross Income	39.88	51.64	29.5 %
Operating Income	17.41	24.35	39.9 %
Net Income	12.17	18.54	52.3 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.08	1.65	52.3 %

In Q2 2022, net profit after Zakat and tax more than doubled to SAR 18.5 million, from SAR 8 million in the year-earlier period, on higher sales and diversification of sold products.

On a sequential basis, net profit rose 52.3% from SAR 12.17 million.

Total shareholders' equity, excluding minority interest, reached SAR 572.792 million as of June 30, 2022, compared to SAR 557.769 million in a year earlier.

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