Electrical Industries Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 542,089 | 380,168 | 42.591 | 411,861 | 31.619 |
| Gross Profit (Loss) | 150,374 | 78,827 | 90.764 | 125,464 | 19.854 |
| Operational Profit (Loss) | 99,073 | 47,018 | 110.712 | 80,106 | 23.677 |
| Net profit (Loss) | 75,230 | 35,139 | 114.092 | 59,466 | 26.509 |
| Total Comprehensive Income | 74,526 | 35,840 | 107.94 | 57,100 | 30.518 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 734,732 | 666,806 | 10.186 |
| Profit (Loss) per Share | 0.07 | 0.03 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The increase in sales in the current quarter compared with the same quarter from last year was driven by rising demand across all sectors within the Kingdom of Saudi Arabia. This increase in sales was particularly evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the Oil & Gas sector. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The increase in net profit for the current quarter compared with the same quarter from last year is mainly attributed to Increase of sales from SR 380 million to SR 542 million. In addition to the diversification of the sold products which include products with higher profitability and better gross margins. The increase in net profit is offset by:
-Increase in selling and distribution expenses due to increase in sales. -Increase in general and administrative expenses. -Increase in finance cost. -Calculation of impairment loss on trade receivable with an amount of SR 4.3 million. -Calculation of an additional provision for zakat and income tax with an amount of SR 3 million that is related to previous years. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in sales in the current quarter compared with last quarter was driven by rising demand across all sectors within the Kingdom of Saudi Arabia. This increase in sales was particularly evident in high-voltage substation projects, distribution network infrastructure projects, and a series of new industrial projects, including the Oil & Gas sector. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net profit for the current quarter compared with last quarter is mainly attributed to Increase of sales from SR 412 million to SR 542 million. In addition to the diversification of the sold products which include products with higher profitability and better gross margins. The increase in net profit is offset by:
-Increase in selling and distribution expenses due to increase in sales. -Increase in finance cost. -Calculation of impairment loss on trade receivable with an amount of SR 4.3 million. -Calculation of an additional provision for zakat and income tax with an amount of SR 3 million that is related to previous years. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The Company’s EPS has been adjusted after the increase of the company’s capital, which was approved by the Extraordinary General Assembly in its meeting held on 21 June 2023. Also, after the split of the company’s shares, which was approved by the Extraordinary General Assembly in its meeting held on 28 September 2023. |
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