Electrical Industries profit leaps to SAR 85.1 mln in H1 2023; Q2 at SAR 50 mln

08/08/2023 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 85.1 million in H1 2023, compared to a net profit of SAR 30.7 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	455.94	754.85	65.6 %
Gross Income	91.52	172.98	89.0 %
Operating Income	41.76	111.88	167.9 %
Net Income	30.71	85.14	177.2 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.73	7.57	177.2 %

This was fueled by an increase in sales year-on-year (YoY) to SAR 754.8 million, 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.

In Q2 2023, the company’s net profit jumped to SAR 50 million from SAR 18.5 million in the prior year-period.

Sequentially, the Saudi-listed firm’s profit rose from SAR 35.1 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	226.86	374.68	65.2 %
Gross Income	51.64	94.16	82.3 %
Operating Income	24.35	63.85	162.2 %
Net Income	18.54	50.00	169.7 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	1.65	4.44	169.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	380.17	374.68	(1.4 %)
Gross Income	78.83	94.16	19.4 %
Operating Income	48.03	63.85	32.9 %
Net Income	35.14	50.00	42.3 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	3.12	4.44	42.3 %

Shareholders' equity (no minority interest) amounted to SAR 715.90 million at the end of H1 2023, compared to SAR 572.79 million at the end of H1 2022.

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