Saudi: EIC’s net profits leap 106.5% in H1-24

Revenues amounted to SAR 1.03 billion in H1-24, up 37.37% year-on-year (YoY) from SAR 754.84 million, according to the interim financial results

Staff Writer, Mubasher

July 25, 2024

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Electrical Industries Company (EIC) achieved a net profit valued at SAR 175.84 million in the first half (H1) of 2024, higher by 106.53% than SAR 85.14 million in H1-23.

Revenues amounted to SAR 1.03 billion in H1-24, up 37.37% year-on-year (YoY) from SAR 754.84 million, according to the interim financial results.

Earnings per share (EPS) grew to SAR 0.16 as of 30 June 2024 from SAR 0.07 in the year-ago period.

Financials for Q2-24

In the second quarter (Q2) of 2024, the company's net profits hit SAR 100.61 million, an annual increase of 101.21% from SAR 50 million.

The revenues enlarged by 32.08% to SAR 494.88 million in Q2-24 from SAR 374.67 million a year earlier.

Quarterly, the Q2-24 net profits widened by 33.74% from SAR 75.23 million in Q1-24, while the revenues retreated 8.70% from SAR 542.08 million.

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