Saudi: EIC posts 114% higher profits in Q1-24 initial results

Revenues jumped by 42.59%

Mubasher, Mubasher

May 2, 2024

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Riyadh – Electrical Industries Company (EIC) recorded a 114.09% year-on-year (YoY) surge in net profit to SAR 75.23 million during the first quarter (Q1) of 2024, compared to SAR 35.13 million.

Revenues jumped by 42.59% to SAR 542.08 million in the January-March 2024 period from SAR 380.16 million in Q1-23, according to the interim financial results.

The earnings per share (EPS) stood at SAR 0.07 in the first three months (3M) of 2024, higher than SAR 0.03 a year earlier.

Quarterly, the Q1-24 net profits climbed by 26.50% from SAR 59.46 million in Q4-23, while the revenues hiked by 31.61% from SAR 411.86 million.

As of 31 December 2023, EIC generated SAR 201.03 million in net profit, a 113.48% leap from SAR 94.17 million in 2022.

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