Electrical Industries Co.’s (EIC) net profit rose to SAR 35.1 million in Q1 2023 from SAR 12.2 million in the same period last year, due to an increase in sales, diversification of sales mix to include products with higher profitability, and improved gross margins for certain products.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 229.08 | 380.17 | 66.0 % |
| Gross Income | 39.88 | 78.83 | 97.7 % |
| Operating Income | 17.41 | 48.03 | 175.9 % |
| Net Income | 12.17 | 35.14 | 188.6 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.08 | 3.12 | 188.6 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 364.90 | 380.17 | 4.2 % |
| Gross Income | 89.96 | 78.83 | (12.4 %) |
| Operating Income | 61.13 | 48.03 | (21.4 %) |
| Net Income | 39.85 | 35.14 | (11.8 %) |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 3.54 | 3.12 | (11.8 %) |
This was offset by increase in selling, distribution, general and administrative expenses, along with higher finance cost.
Meanwhile, Q1 2023 net profit declined 11.8% from SAR 39.85 million in the previous quarter, due to decrease in gross margins following higher cost of sales.
Total shareholders’ equity, excluding minority interest, reached SAR 666.80 million as of March 31, 2023, compared to SAR 600.04 million a year earlier.
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