Financial Results : Electrical Industries profit up to SAR 175.8M in H1 2024; Q2 at SAR 100.6M

Electrical Industries profit up to SAR 175.8M in H1 2024; Q2 at SAR 100.6M

25/07/2024 Argaam Exclusive

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Electrical Industries Co. reported a net profit of SAR 175.8 million in H1 2024, compared to SAR 85.1 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 754.85 1,036.98 37.4 %
Gross Income 172.98 317.95 83.8 %
Operating Income 111.88 238.16 112.9 %
Net Income 85.14 175.84 106.5 %
Average Shares 1,125.00 1,125.00 -
Earnings Per Share before unusual items 0.08 0.18 137.2 %
EPS (Halala) 7.57 15.63 106.5 %

Sales rose to SAR 1.03 billion in H1 2024 from SAR 754.8 million a year earlier on improved demand across all sectors in Saudi Arabia, particularly in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the oil & gas sector.

 

In addition, product diversification and increased sale of products with higher profit margins contributed to the net profit.

 

Meanwhile, selling, distribution, general and administrative expenses rose, along with finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 374.68 494.89 32.1 %
Gross Income 94.16 167.58 78.0 %
Operating Income 63.85 138.17 116.4 %
Net Income 50.00 100.61 101.2 %
Average Shares 1,125.00 1,125.00 -
Earnings Per Share before unusual items 0.04 0.11 146.7 %
EPS (Halala) 4.44 8.94 101.2 %

In Q2 2024, the company’s net profit doubled to SAR 100.6 million from SAR 50 million in the prior year-period, mainly due to strong sales.

 

Sequentially, the Saudi-listed firm’s Q2 2024 profit rose 33.7% from SAR 75.2 million in Q1 2024.

 

Shareholders' equity (no minority interest) amounted to SAR 833.9 million at the end of H1 2024, compared to SAR 715.9 million at the end of H1 2023.

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