Electrical Industries net profit rises to SAR 54.3 mln in 9M 2022; Q3 surges to SAR 23.6 mln

31/10/2022 Argaam Exclusive

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Electrical Industries Co. reported a net profit after Zakat and tax of SAR 54.3 million in the first nine months of 2022, a 116% increase, compared to SAR 25.1 million in the year-ago period.

The profit increase was driven by higher sales and the diversification of sold products, which include products with higher profitability and improved margins for certain products.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	541.08	701.19	29.6 %
Gross Income	103.12	147.67	43.2 %
Operating Income	36.33	72.58	99.8 %
Net Income	25.09	54.32	116.5 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.23	4.83	116.5 %

In Q3 2022, the net profit after Zakat and tax saw a 133% increase to SAR 23.6 million from SAR 10.1 million in the year before.

Sequentially the company’s net profit rose 27% from SAR 18.5 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	207.63	245.25	18.1 %
Gross Income	41.90	56.15	34.0 %
Operating Income	14.42	30.82	113.7 %
Net Income	10.14	23.60	132.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	0.90	2.10	132.8 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	226.86	245.25	8.1 %
Gross Income	51.64	56.15	8.7 %
Operating Income	24.35	30.82	26.6 %
Net Income	18.54	23.60	27.3 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.65	2.10	27.3 %

Total shareholders’ equity, after minority interest, grew to SAR 596.047 million as of Sept. 30, 2022, from SAR 567.612 million in the year-earlier period.

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