Electrical Industries Co.’s net profit after Zakat and tax doubled to SAR 30.7 million in the first six months of 2022, from SAR 15 million a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 333.45 | 455.94 | 36.7 % |
| Gross Income | 61.22 | 91.52 | 49.5 % |
| Operating Income | 21.91 | 41.76 | 90.6 % |
| Net Income | 14.96 | 30.71 | 105.4 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.33 | 2.73 | 105.4 % |
The earnings increase was primarily due to the rise in sales to SAR 455.9 million in H1 2022 from SAR 333.5 million in the previous year.
In addition, the company’s profit was driven by diversification of sold products, including products with higher profitability and improvement of gross margin in certain products. However, it was offset by higher selling and distribution expenses and increased financing expenses.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 165.62 | 226.86 | 37.0 % |
| Gross Income | 29.81 | 51.64 | 73.2 % |
| Operating Income | 10.46 | 24.35 | 132.8 % |
| Net Income | 8.00 | 18.54 | 131.8 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 0.71 | 1.65 | 131.8 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 229.08 | 226.86 | (1.0 %) |
| Gross Income | 39.88 | 51.64 | 29.5 % |
| Operating Income | 17.41 | 24.35 | 39.9 % |
| Net Income | 12.17 | 18.54 | 52.3 % |
| Average Shares | 1,125.00 | 1,125.00 | - |
| EPS (Halala) | 1.08 | 1.65 | 52.3 % |
In Q2 2022, net profit after Zakat and tax more than doubled to SAR 18.5 million, from SAR 8 million in the year-earlier period, on higher sales and diversification of sold products.
On a sequential basis, net profit rose 52.3% from SAR 12.17 million.
Total shareholders' equity, excluding minority interest, reached SAR 572.792 million as of June 30, 2022, compared to SAR 557.769 million in a year earlier.
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