Electrical Industries says COVID-19 measures to impact financial results

12/04/2020 Argaam

 

Electrical Industries Co.’s (EIC) financial results are expected to be impacted by the government’s precautionary measures to curb the spread of coronavirus, the company said in a bourse filing on Sunday.

 

The company said that, despite the continuity of operations, production capacities were affected by the irregular hired labor shortage caused by the curfew in some regions and cities.

 

Additionally, the supply of raw materials from local and overseas markets was impacted by the precautionary measures. Also, land freight shipping to neighboring countries was affected, which will eventually lead to delaying some exports.

 

It is presently difficult to assess the financial impact of the measures, and any updates will be disclosed in due course.

 

On the private sector’s support packages, the company said it is working closely with relevant authorities to identify the support mechanism and feasibility.

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