Financial Results : Electrical Industries profits jump to SAR 75.2M in Q1 2024

Electrical Industries profits jump to SAR 75.2M in Q1 2024

01/05/2024 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 75.2 million in Q1 2024, compared to SAR 35.1 million a year earlier.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 380.17 542.09 42.6 %
Gross Income 78.83 150.37 90.8 %
Operating Income 48.03 99.99 108.2 %
Net Income 35.14 75.23 114.1 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 3.12 6.69 114.1 %

This was driven by an increase in sales from SAR 380 million to SAR 542 million, in addition to the diversification of the sold products with higher profitability and better gross margins.

 

On a sequential basis, net profit grew 26.5% from SAR 59.47 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 734.73 million by March 31, 2024, compared to SAR 666.80 million in a year earlier period.

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