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Higher sales push Saudi EIC profits up in Q3

Higher sales push Saudi EIC profits up in Q3
EIC’s net profits increased to SAR 11.44 million in Q3-17, from SAR 10.49 million in Q3-16, according to a bourse filing
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Riyadh – Mubasher: Saudi Arabia-based Electrical Industries Co. (EIC) on Thursday stated that its net profits grew 9.07% year-on-year in the third quarter of 2017.

EIC’s net profits rose to SAR 11.44 million in Q3-17, from SAR 10.49 million in Q3-16, according to a bourse statement.

Quarter-on-quarter, profits went up 4.75%.

The Kingdom-based electrical industries firm attributed the rise in its year-on-year net profits to achieving higher sales.

Net profits surged 11.09% to reach SAR 33 million from January until September 2017, from SAR 29.7 million in the same period in the year earlier.

EIC’s stock shed 0.29%, closing at SAR 20.84 on Thursday.