Electrical Industries Co. reported a net profit of SAR 85.1 million in H1 2023, compared to a net profit of SAR 30.7 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 455.94 | 754.85 | 65.6 % |
| Gross Income | 91.52 | 172.98 | 89.0 % |
| Operating Income | 41.76 | 111.88 | 167.9 % |
| Net Income | 30.71 | 85.14 | 177.2 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 2.73 | 7.57 | 177.2 % |
This was fueled by an increase in sales year-on-year (YoY) to SAR 754.8 million, in addition to the diversification of the sold products.
However, the profit increase was offset by higher selling and distribution expenses, an increase in general and administrative expenses and a rise in the cost of finance.
In Q2 2023, the company’s net profit jumped to SAR 50 million from SAR 18.5 million in the prior year-period.
Sequentially, the Saudi-listed firm’s profit rose from SAR 35.1 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 226.86 | 374.68 | 65.2 % |
| Gross Income | 51.64 | 94.16 | 82.3 % |
| Operating Income | 24.35 | 63.85 | 162.2 % |
| Net Income | 18.54 | 50.00 | 169.7 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.65 | 4.44 | 169.7 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 380.17 | 374.68 | (1.4 %) |
| Gross Income | 78.83 | 94.16 | 19.4 % |
| Operating Income | 48.03 | 63.85 | 32.9 % |
| Net Income | 35.14 | 50.00 | 42.3 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 3.12 | 4.44 | 42.3 % |
Shareholders' equity (no minority interest) amounted to SAR 715.90 million at the end of H1 2023, compared to SAR 572.79 million at the end of H1 2022.
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