Saudi: EIC’s profits leap over 160.5% in 9M-23

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Riyadh – Electrical Industries Company (EIC) logged net profits after Zakat and tax worth SAR 141.56 million in the first nine months (9M) of 2023, marking a 160.64% jump from SAR 54.31 million in 9M-22.

The earnings per share (EPS) increased to SAR 0.13 in 9M-23 from SAR 0.05 a year earlier, according to the initial income statements.

Revenues stood at SAR 1.14 billion in the January-September 2023 period, an annual hike of 63.65% from SAR 701.19 million.

Financials for Q3-23

In the third quarter (Q3) of 2023, the listed firm generated SAR 56.42 million in net profit after Zakat and tax, higher by 139.06% than SAR 23.60 million in Q3-22.

The Saudi company posted a 60.10% leap in revenue to SAR 392.64 million during July-September 2023, versus SAR 245.25 million a year earlier.

On a quarterly basis, the Q3-23 net profits climbed by 12.84% from SAR 50 million in Q2-23, while the revenues grew by 4.79% from SAR 374.67 million.

Last September, EIC disbursed cash dividends valued at SAR 84.37 million for the first half (H1) of 2023.