Managing Director, Tariq Mohamad AlTahini
Electrical Industries Co. (EIC) will likely maintain sales growth on rising demand for electrical products and services in the Saudi market, CEO Tariq Mohamad Al-Tahini told Argaam.
The demand will remain at a good level during Q2 2023, while growing infrastructure investments will likely keep prices at higher levels, he indicated.
Higher sales volumes and a rise in the average selling prices led to EIC’s robust earnings in Q1 2023, the CEO noted.
Other growth drivers included the Kingdom’s economic growth, which led to higher demand for electrical products and services. In addition, the company’s strong financial position allowed it to keep pace with growing demand for its products.
Al-Tahini noted that the public and residential services sector was the largest contributor to EIC’s profit in the three-month period. On the other hand, the industrial sector largely bolstered the company’s financial results for Q1 due to the growth of the greenfield projects in the Kingdom, especially in the oil and gas sector.
Residential and general services will likely maintain their high-profit contribution in Q2 2023, as the government’s focus on the housing projects will spur demand for electrical services in the sector, he added.
Additionally, the government support to localize electrical equipment manufacturing contributed to increasing demand within the Kingdom, he explained.
EIC net profit increased to SAR 35.1 million in Q1 2023, compared to SAR 12.2 million a year earlier, Argaam reported.
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