EIC 2024 Profits Jump 99.8% to SAR 402 Million

Electrical Industries Co. (EIC) announced on Tuesday that its net profit jumped by 99.8% to SAR 402 million by the end of 2024, compared to SAR 201 million in 2023, following the announcement today of the annual financial results ending on Dec. 31, 2024.

The operational profit increased by 72% to SAR 456 million by the end of 2024, compared to SAR 264 million in 2023.

The total equity (after excluding non-controlling interests) in the current year increased by 27% to SAR 946 million, compared to SAR 745 million in 2023.

The profits per share for the current year amounted to SAR 0.36, compared to SAR 0.18 in 2023.

The Company stated in a statement on “Tadawul” that the reason for the increase in sales during this year compared to the previous year is due to the increase in demand in all sectors within the Kingdom of Saudi Arabia. This increase was particularly noticeable in high-voltage station projects, infrastructure projects, and a series of new industrial projects including the oil and gas sector