Electrical Industries Co. reported a net profit of SAR 141.6 million in the first nine months of 2023, up from SAR 54.3 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 701.19 | 1,147.49 | 63.6 % |
| Gross Income | 147.67 | 275.83 | 86.8 % |
| Operating Income | 72.58 | 185.49 | 155.6 % |
| Net Income | 54.32 | 141.57 | 160.6 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 4.83 | 12.58 | 160.6 % |
The year-on-year (YoY) profit growth was driven by a sales rise from SAR 701 million to SAR 1.14 billion during the nine-month period. This is besides a more diversified product mix, including better income-generating products. Improved gross profit margins of specific products also contributed to increased earnings.
This was partially offset by the surge in selling and distribution expenses, general and administrative expenses, and financing costs.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 245.25 | 392.65 | 60.1 % |
| Gross Income | 56.15 | 102.85 | 83.2 % |
| Operating Income | 30.82 | 73.61 | 138.8 % |
| Net Income | 23.60 | 56.43 | 139.1 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 2.10 | 5.02 | 139.1 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 374.68 | 392.65 | 4.8 % |
| Gross Income | 94.16 | 102.85 | 9.2 % |
| Operating Income | 63.85 | 73.61 | 15.3 % |
| Net Income | 50.00 | 56.43 | 12.8 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 4.44 | 5.02 | 12.8 % |
The third-quarter net profit more than doubled to SAR 56.4 million, from SAR 23.6 million in Q3 2022.
On a quarterly basis, the Q3 2023 earnings rose 12.8% from SAR 50 million.
Total shareholders’ equity, no minority interest, reached SAR 686.91 million as of Sept. 30, 2023, compared to SAR 596.04 million a year earlier.
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