Electrical Industries profit grows to SAR 141.6 mln in 9M 2023; Q3 at SAR 56.4 mln

29/10/2023 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 141.6 million in the first nine months of 2023, up from SAR 54.3 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	701.19	1,147.49	63.6 %
Gross Income	147.67	275.83	86.8 %
Operating Income	72.58	185.49	155.6 %
Net Income	54.32	141.57	160.6 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	4.83	12.58	160.6 %

The year-on-year (YoY) profit growth was driven by a sales rise from SAR 701 million to SAR 1.14 billion during the nine-month period. This is besides a more diversified product mix, including better income-generating products. Improved gross profit margins of specific products also contributed to increased earnings.

This was partially offset by the surge in selling and distribution expenses, general and administrative expenses, and financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	245.25	392.65	60.1 %
Gross Income	56.15	102.85	83.2 %
Operating Income	30.82	73.61	138.8 %
Net Income	23.60	56.43	139.1 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	2.10	5.02	139.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	374.68	392.65	4.8 %
Gross Income	94.16	102.85	9.2 %
Operating Income	63.85	73.61	15.3 %
Net Income	50.00	56.43	12.8 %
Average Shares	1,125.00	1,125.00	-
EPS (Halala)	4.44	5.02	12.8 %

The third-quarter net profit more than doubled to SAR 56.4 million, from SAR 23.6 million in Q3 2022.

On a quarterly basis, the Q3 2023 earnings rose 12.8% from SAR 50 million.

Total shareholders’ equity, no minority interest, reached SAR 686.91 million as of Sept. 30, 2023, compared to SAR 596.04 million a year earlier.

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