Electrical Industries Reports SR12mln Profits, 75% Jump

Electrical Industries Co. announced that its profits after zakat and tax jumped 75% to SR 12 million in the first quarter of 2022 compared to SR 7 million during the same period of 2021.

This came after Electrical Industries announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit rose 55% to SR 18 million in the 1^st quarter of the current year from SR 11 million in the same period of the previous year.

Gross profit of Electrical Industries soared 27% to SR 40 million in the first quarter of this year from SR 31 million a year ago, while the profit per share (EPS) climbed to SR 0.27 from SR 0.16.

The increase in net profit, gross profit & operating profit of the current quarter compared to the similar quarter of the previous year is mainly attributed to the following:

• Increase in sales from SAR 167.8 million to SAR 229.1 million.
• The diversification of sold products which include products with higher profitability.

The decrease in net profit, gross profit & operating profit of the current quarter compared to the previous quarter is mainly attributed to the diversification of sold products which include products with lower profitability, while maintaining similar sales volume.