Financial Results : Electrical Industries 9M 2024 profit rises to SAR 297.2M; Q3 at SAR 121.4M

Electrical Industries 9M 2024 profit rises to SAR 297.2M; Q3 at SAR 121.4M

29/10/2024 Argaam Exclusive

View other reports

Electrical Industries Co. (EIC) posted a net profit of SAR 297.2 million for the first nine months of 2024, up from SAR 141.6 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,147.49 1,542.82 34.5 %
Gross Income 275.83 503.72 82.6 %
Operating Income 184.42 346.27 87.8 %
Net Income 141.57 297.20 109.9 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 12.58 26.42 109.9 %

The annual profit increase came on the back of the year-on-year (YoY) revenue jump for 9M 2024, given the growing demand across all segments within Saudi Arabia.

 

The nine-month sales growth was especially notable in high-voltage station and infrastructure projects, along with new industrial projects, including those in the oil and gas sector.

 

Additionally, there was a diversification in the products sold and an increase in sales of higher-margin products.

 

The third-quarter net earnings jumped 115.1% to SAR 121.35 million, from SAR 56.43 million in Q3 2023, thanks to rising revenues. This came despite the increase in selling & distribution and general & administrative expenses.

 

On a quarterly basis, net profit grew by 20.6% from SAR 100.61 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 392.65 505.85 28.8 %
Gross Income 102.85 185.77 80.6 %
Operating Income 73.77 135.10 83.1 %
Net Income 56.43 121.35 115.1 %
Average Shares 1,125.00 1,125.00 -
EPS (Halala) 5.02 10.79 115.1 %

Total shareholders’ equity, no minority interest, advanced to SAR 844.70 million as of Sept. 30, 2024, compared with SAR 686.91 million a year earlier.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.