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

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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 185.49 372.82 101.0 %
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 73.61 134.66 82.9 %
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.

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